The Mumbai market recorded a price increase of £ 20-25 per kg amid sluggish demand, while Tilpur recorded a price increase of up to £ 15 per kg of cotton yarn.
The price of cotton yarn has risen in South India as spinners are trying to pass on higher costs of cotton. Natural fiber prices exceed the psychological barrier of £ 100,000 per 356 kg candy in some parts of the country. Traders said the price of yarn is lower than the miller’s rate because they sell yarn that traders and stockers have previously purchased.
Mumbai broker said Fiber2Fashion, “To take over the price increase of cotton, millers are constantly raising selling prices. They cannot absorb the exorbitant price increase of cotton.” However, old stocks previously purchased by stockers and traders. The market price of yarn is declining because it sells. According to traders, stockers are also raising prices with millers. As millers raised the price of yarn due to the high price of cotton, so did the market price. Still, there is a price difference of about 10-20 pounds per kg between the market price and the miller’s price.
In the Mumbai market, 60 counts of warp and weft were traded at £ 2,150-2,250 and £ 1,900-2,050 (additional GST) per 5 kg, respectively. The warp type worsted cotton yarn (44/46 counts) traded at £ 1,950-2,050 per 5 kg. The 80-count worsted cotton yarn of the warp and weft variety sold for 2,100-2,150 pounds per 4.5 kg. 40 counts of worsted cotton thread (warp) sold for £ 361-367 per kg. The price of 40 count combed yarn (warp) was £ 405-425 per kg.
The price of cotton yarn has also risen by 5 to 15 pounds per kg in the tilpuru market. Millers are also raising the price of yarn. The South Indian factory was silent after a surge of 40 pounds per kg last month. However, traders said the factory raised the price of yarn as the price of cotton rose further in the last two weeks. However, demand remained sluggish as buyers were reluctant to make new purchases. According to traders, uncertain demand scenarios discourage buyers throughout the value chain.
In the Tilpur market, 30 counts of combed cotton yarn were traded at £ 435-445 per kg (GST Extra), 34 counts were traded at £ 445-450 per kg and 40 counts were traded at £ 470-480 per kg. According to the report, 30-count cotton cards were sold at 390-400 pounds per kg, 34-count cotton cards at 410-420 pounds per kg, and 40-count cotton cards at 415-425 pounds per kg. Fibre2 Fashion’s market insight tool TexPro.
In the global market, ZCE cotton yarn futures in September 2022 fell by RMB40 to RMB27,665 per ton, and the contract in January 2023 was stable at RMB27,500 per ton today. ZCE Cotton September contract earned RMB30 to RMB21,290 per MT, and the January 2023 contract was traded at RMB20,875 per MT for RMB80.
ICE cotton futures fell as Monday’s session showed optimism on the dollar’s appreciation due to the high volatility between the positive and negative zones. July cotton contracts fell 0.68 cents to 142.93 cents per pound. The December contract traded at $ 123.63 per pound, resulting in a loss of 0.11 cents.
ICE cotton prices recorded a three-digit increase after the United States Department of Agriculture (USDA) crop report was released, which was considered positive. In addition, the weather in western Texas remains terribly hot and dry. ICE July cotton settled at 145.53 cents / pound, up 1.93 cents, and the December contract closed at 127.67 cents / pound, up 2.92 cents.
In Gujarat, cotton prices have risen further in the last three days. No arrivals were reported on Thursday. Grade cotton traded at £ 99,500-100,300 per 356 kg candy, grade B cotton traded at £ 98,500-99,000 per candy, and average grade cotton traded at £ 95,000-96,500 per candy. V797 varieties were estimated at £ 53,000-54,000 per candy.
Fiber2Fashion News Desk (KUL)
Expensive cotton continues to push yarn prices up in South India
Source link Expensive cotton continues to push yarn prices up in South India