The Mumbai market continued to witness a downward trend in prices as demand remained very weak. The festivity mood also dried buying of cotton yarn. While stockists and traders were trying to liquidate their stocks before Ganesh Chaturthi holiday, one of the most important festivals in Maharashtra. Cotton prices slipped ₹5 per kg for most of the varieties.
Cotton yarn prices slipped ₹5 per kg in Mumbai as stockists and traders tried to liquidate their stocks before Ganesh Chaturthi. Average to weaker demand may force mills to correct yarn prices because buying may stop after festival. Tiruppur market noted steady trend in yarn prices as demand was not supportive. Overall, south Indian market was cautious.
A trader from Mumbai market told Fibre2Fashion, “Traders and stockists were booking profit before holiday on Wednesday. Muted demand forced sellers to reduce prices. Mill will also have to cut selling prices.” 60 count carded cotton yarn of warp and weft varieties were traded at ₹1,875-1,925 and ₹1,775-1,850 per 5 kg (GST extra) respectively. 80 carded (weft) cotton yarn was sold at ₹1,840-1,890 per 4.5 kg. 44/46 count carded cotton yarn (warp) was priced at ₹365-375 per kg. 40/41 count carded cotton yarn (warp) was sold at ₹350-355 per kg. 40/41 count combed yarn (warp) was priced at ₹390-395 per kg, according to Fibre2Fashion’s market insight tool TexPro.
Cotton yarn prices remained stable in Tiruppur market during the last couple of days. Traders said that there was an average demand in the yarn market. Current demand is not able to support price rise in cotton yarn. According to market sources, buyers were purchasing cotton yarn only for their immediate needs. 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 ₹327-330 per kg, 34 count carded at ₹335-340 per kg and 40 count carded at ₹345-350 per kg, as per TexPro.
In Gujarat, cotton prices remained stable as trade is reducing day by day. Cotton buying from spinning mills lowered further. Shankar-6 cotton was traded at ₹91,000-100,000 per candy of 356 kg in spot market of Gujarat. According to traders, there is a scarcity of good quality cotton and lower quality supplies are being traded.
Fibre2Fashion News Desk (KUL)