South India witnesses weaker trend in yarn prices, discount in Mumbai

Tiruppur market noted steady trend in cotton yarn prices. Trade sources said that millers had already reduced prices, so they are not keen to cut prices further. Lower prices could not encourage buyers. Local market is expected to remain bearish in next 8-10 days. A trader told Fibre2Fashion, “Buyers did not turn up even after fall in yarn prices because they are not sure for buying from garment units.” Today, 30 count combed cotton yarn was traded at ₹350-355 per kg (GST extra), 34 count combed at ₹362-367 per kg and 40 count combed at ₹365-370 per kg in Tiruppur market. Cotton yarn of 30 count carded was sold at ₹312-317 per kg, 34 count carded at ₹322-325 per kg and 40 count carded at ₹322-335 per kg, according to Fibre2Fashion’s market insight tool TexPro.
Mumbai market also noted steady trend in prices, but sentiments were weak. Traders said that previous increase in prices proved to be speculative. A broker said that cotton yarn remained stable but weaker buying is forcing sellers to offer discount of up to ₹5-10 per kg. Sellers are feeling pressure because of weaker demand from weaving units and powerlooms owners. 60 count carded cotton yarn of warp and weft varieties were traded at ₹1,780-1,880 and ₹1,640-1,680 per 5 kg (GST extra) respectively. 44/46 count carded cotton yarn (warp) was traded at ₹1,700-1,750 per 5 kg. 80 count carded cotton yarn (weft) was sold at ₹1,760-1,780 per 4.5 kg. 40/41 count carded cotton yarn (warp) was sold at ₹325-332 per kg. 40/41 count combed yarn (warp) was priced at ₹380-390 per kg, as per TexPro.

In Gujarat, cotton prices gained further due to regular buying from spinning mills. Negligible arrival also supported cotton prices. Cotton prices increased by ₹2,000-2,500 per candy of 356 kg since last week. Shankar-6 cotton was traded at ₹87,000-93,500 per candy in spot market of Gujarat.

Fibre2Fashion News Desk (KUL)