Cotton yarn prices update: Firm in Mumbai whilst stable in Tirupur
_large.jpeg)
25 December 2021, Mumbai:
Cotton yarn prices of major varieties increased by ₹20-25 per 5 kg today in Mumbai as demand improved from cloth manufacturers in the last couple of days. However, the Tiruppur market saw a steady trend due to average demand.
Since the north Indian market had seen the price rise in the last few days, traders expect the southern market also to take the same path in the coming week.
In the Mumbai market, 60 count carded cotton yarn of warp and weft varieties were traded at ₹1,820-1,944 and ₹1,580-1,660 per 5 kg respectively. 80 count carded cotton yarn of weft variety was quoted at ₹1,820-1,866 per 5 kg. 46 count carded cotton yarn of weft variety was sold at ₹1,590-1,630 per 5 kg.
According to a Mumbai-based broker, fabric manufacturers were buying yarn for next summer season. “The market took cues from the firm trend of northern markets which had seen better demand.”
In the Tiruppur market, cotton yarn prices remained stable as average demand helped market sentiments to maintain the status quo.
Cotton yarn 30 counts combed was traded in Tiruppur at ₹325-330 per kg, 34 counts combed at ₹335-340 per kg, and 40 counts combed at ₹355-360 per kg. Cotton yarn of 30 counts carded was sold at ₹295-305 per kg, 34 counts carded at ₹310-320 per kg, and 40 counts carded at ₹325-335 per kg, according to Fibre2Fashion’s market analysis tool TexPro.
Trading sources from the Tiruppur market said that demand was not so encouraging to support prices. The steady trend persisted on average demand. However, traders expected price rise in the next few days as the market will take cues from north India’s upward trend.
Meanwhile, the GST hike proposal continues to remain a sticky issue for the entire textile sector. As a result, traders are taking a cautious approach.
A trader from Ahmedabad told Fibre2Fashion that cloth manufacturers have reduced production due to this uncertainty, but manufacturing and business activities cannot be halted for the same reason.
“Few manufacturers are looking for business opportunities in the current uncertain conditions. They expect that fabrics and clothing will see an upward trend in January, and hence they can benefit from the same.”
In the global market, ZCE cotton yarn January 2022 futures traded higher by CNY 30 at CNY 26,965 per ton and May 2022 traded higher by CNY 190 at CNY 26950 per MT today. Cotton contracts for March 2022 closed at 109.12 cents, up 29 points; May 2022 closed at 107.05 cents, up 25 points; December 2022 closed at 90.71 cents, up 72 points.
Domestic markets also witnessed an upward price trend in the cotton trade due to higher demand.
(The news article has not been edited by DFU Publications staff)
Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.
DAILY NEWS:
