Cotton yarn prices in southern India are bearish but market sentiment remains positive
Foreign news on May 19th, the price of cotton yarn in the Tirupur market of Tamil Nadu, India fell by 2-5 rupees per kilogram, but the price of cotton yarn in the Mumbai market remained stable. As the rise in ICE cotton futures increases the attractiveness of Indian cotton yarn, there is some buying of cotton yarn from importers. Gujarat gets some orders for cotton yarn from China.
Traders expect that if ICE cotton futures continue to strengthen, the domestic market will receive support in the next two weeks. However, some traders believe that fabric demand support is very important to the yarn market.
The price of cotton yarn in Tirupur market fell by 2-5 rupees per kilogram, and traders were forced to lower their quotations. They are finding it difficult to find buyers due to slowdown in demand from the textile and apparel industry.
However, traders still hope that ICE cotton futures will strengthen. A trader from Tirupur said: “If ICE cotton futures remain strong, demand for cotton and cotton yarn in India may increase.”
Spinning mills received Some inquiries. Textile mills in Gujarat have received orders for supply of cotton yarn. It will take at least 2 weeks for the market to react positively.
In the Tirupur market, the price of 30-count combed cotton yarn was quoted at 268-273 rupees per kilogram (excluding consumption tax), and the price of 34-count combed cotton yarn was 280-273 rupees per kilogram. 285 rupees, 40 count combed cotton yarn 290-295 rupees per kilogram; 30 count carded cotton yarn 242-246 rupees per kilogram, 34 count carded cotton yarn 251-254 rupees per kilogram, 40 count carded cotton yarn 256-260 rupees per kilogram .
Cotton yarn prices in Mumbai are stable and demand is bad. Traders are assessing the impact of export orders received by textile mills in Gujarat. Market sources said that 21-count, 30-count, 31-count, 32-count roving cotton yarn and compact yarn are exported to China. But demand for gray and finished fabrics is very slow, which is a key basis for market sentiment.
Textile mills and traders are facing losses. Sources said that 5,000 tons (200 containers) of cotton yarn will be exported to China. But the market has yet to react as opinions differ on the impact on export orders.
In Mumbai, the price of 60-count carded warp and weft cotton yarn remained stable at 1,480-1,515 rupees and 1,340-1,380 rupees per 5 kg.
Kupang cotton prices remain stable, and there are reports that there are export orders for cotton yarn from China.
Spinning mills have yet to comment on further demand and remain cautious about further purchases, trade sources said.
At present, the market sees limited buying and limited cotton arrivals. Cotton is quoted at 59,000-60,000 rupees per Kandi (356 kg), and Kupang cotton has arrived. The volume is expected to be 24,000-26,000 packages (1 package = 170 kg), and the arrival volume across India is expected to be 90,000-95,000 packages.
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