Mumbai market noted poor demand from downstream industry as buyers were very cautious for fresh buying. A trader from Mumbai told Fibre2Fashion, "Stockists, traders and mills are feeling pressure due to slow demand. They are offering discounts at current prices to attract buyers. The market is not likely to see better buying in the next few weeks.”
In Mumbai, 60-carded yarn of warp and weft varieties were sold at ₹1,375-1,420 (approximately $16.46-$17.01) and ₹1,270-1,320 per 5 kg (approximately $15.21-$15.81) (excluding GST), respectively. Other prices include 60 combed warp at ₹322-327 (approximately $3.86-$3.92) per kg, 80-carded weft at ₹1,300-1,340 (approximately $15.57-$16.05) per 4.5 kg, 44/46-carded warp at ₹260-267 (approximately $3.11-$3.20) per kg, 40/41-carded warp at ₹247-255 (approximately $2.96-$3.05), per kg and 40/41 combed warp at ₹280-283 (approximately $3.35-$3.39) per kg, according to trade sources.
Tiruppur market also saw stability in cotton yarn prices. Trade sources said that garment export orders are not encouraging for cotton yarn trade. Continued hike in container freight charges is also a major hurdle in bagging new export orders. Although cotton yarn prices remained steady, spinning mills are struggling to sell their production. At present, there is no indication which can raise hope for higher demand of cotton yarn, fabric and garment.
In Tiruppur, knitting cotton yarn prices were noted on Thursday as: 30 count combed cotton yarn at ₹264-270 (approximately $3.16-3.23) per kg (excluding GST), 34 count combed cotton yarn at ₹274-279 (approximately $3.28-3.34) per kg, 40 count combed cotton yarn at ₹285-290 (approximately $3.41-3.37) per kg, 30 count carded cotton yarn at ₹239-246 (approximately $2.86-2.95) per kg, 34 count carded cotton yarn at ₹244-249 (approximately $2.92-2.98) per kg and 40 count carded cotton yarn at ₹249-255 (approximately $2.98-3.05) per kg.
In Gujarat, cotton was traded at the previous prices as spinning mills buying was limited. Meanwhile, cotton arrival also decreased due to heavy rain in various parts of the country. According to the trade sources, ginners, MNCs and stockists expect price rise in the coming week as cotton availability is expected to reduce. However, spinning mills are sceptical about demand from the downstream industry.
Cotton arrivals were recorded at 5,000-7,000 bales of 170 kg in Gujarat, with all-India arrivals estimated at 15,000-18,000 bales. The benchmark Shankar-6 cotton was quoted between ₹57,800-58,300 (approximately $691.96-$697.94) per candy of 356 kg, while southern mills were looking to buy cotton at ₹58,500-59,000 (approximately $700.34-$706.32) per candy.
Fibre2Fashion News Desk (KUL)