Indian cotton yarn prices increase, exports are under pressure
In the week of June 8-14, Indian cotton prices remained firm, cotton yarn prices increased slightly, and yarn export sales were under pressure.
According to statistics, domestic cotton yarn prices in India increased by an average of 1 rupee/kg last week. In terms of exports, the price of JC30SFOB increased by 5 cents/kg to US$3.10/kg; the price of T65/C3530SFOB fell by 10 cents/kg to US$2.75/kg.
In the past few months, Indian cotton prices have remained at high levels, and with the substantial increase in Indian cotton production in the new season, it is expected that there may be room for downward adjustments before October or November.
According to industry forecasts in India, India’s cotton imports in 2016/17 will not exceed 425,000 tons. Previously, the market expected that tight domestic supply, rising prices and cheap prices of high-grade imported cotton would stimulate cotton imports. However, cottonseed sales in India are good this year, and with the early arrival of monsoon rains, a bumper cotton harvest is expected. Market concerns about El Niño have been eliminated, so many Indian textile companies and traders have canceled orders. Indian cotton yarn prices increase, exports are under pressure
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