Indian spinning profits recover and China purchases begin to increase
In the week from September 27 to October 4, cotton prices in India fell further, and cotton yarn prices remained stable compared with the decline in previous weeks. It is expected that the spinning profits of Indian textile companies will recover in the next few months.
According to statistics, the price of S-6 cotton in India fell by 700 rupees/kandy last week, about 1.55 cents/pound, and has fallen by about 10% in the past four weeks.
It is understood that the price of cotton in India was high last year, and the production profits of textile companies continued to be compressed or even suffered losses. With the large amount of cotton coming on the market in the new year, the price of cotton fell further, and the spinning profits of textile companies are expected to recover in the future. to a higher level.
At present, a large number of Chinese buyers have begun to turn to Indian yarn. So far, the export price of Indian cotton yarn has remained strong for several consecutive weeks, with the price of JC30SFOB rising slightly to US$2.95/kg. Indian spinning profits recover and China purchases begin to increase
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