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The prices of cotton yarn fell by up to ₹12 per kg in south Indian yarn markets of Mumbai and Tiruppur today as there was a panic like situation due to downtrend in cotton prices. Buyers put their purchases on hold as they feared more downfall in cotton and yarn prices. However, traders expect buying to improve next month after the prices stabilise.
In Tiruppur, cotton yarn prices crashed by up to ₹12 per kg after buyers backtracked. Continued downtrend in cotton prices created panic in the market. Traders and stockists rushed to book profit as they feared more losses in yarn prices. Purusottam Parmanandka from Tiruppur-based trading company Kesharinandan Knit Fabrics told Fibre2Fashion, “There was a sense of panic in the market which caused for heavy downfall in yarn prices. Buyers can come back in the market in July only if the prices stabilise.”
The prices of cotton yarn fell by up to ₹12 per kg in south Indian yarn markets of Mumbai and Tiruppur today as there was a panic like situation due to downtrend in cotton prices. Buyers put their purchases on hold as they feared more downfall in cotton and yarn prices. However, traders expect buying to improve next month after the prices stabilize.
In Tiruppur market, cotton yarn prices witnessed downfall of ₹3-12 per kg in absence of buyers. 30 count combed cotton yarn was traded at ₹390-395 per kg (GST extra), 34 count combed at ₹407-412 per kg and 40 count combed at ₹415-420 per kg. Cotton yarn of 30 count carded was sold at ₹350-353 per kg, 34 count carded at ₹355-358 per kg and 40 count carded at ₹360-362 per kg, according to Fibre2Fashion’s market insight tool TexPro.
Cotton yarn prices witnessed downfall in Mumbai market also. The prices fell by ₹3-7 per kg as buyers remained absent. According to a trade source, buyers were reluctant for fresh purchase as they feared further decline in yarn prices. Stockists, traders and millers were feeling pressure as any decline in prices can widen their losses. So, they wanted to clear or reduce their stocks.
In Mumbai market, 60 count carded cotton yarn of warp and weft varieties were traded at ₹1,930-1,980 and ₹1,850-1,900 per 5 kg (GST extra) respectively. Carded cotton yarn (44/46 count) of warp variety was traded at ₹1,825-1,850 per 5 kg. 80 count carded cotton yarn of weft variety was sold at ₹1,880-1,920 per 4.5 kg. 40 count carded cotton yarn (warp) was sold at ₹348-355 per kg. 40 count combed yarn (warp) was priced at ₹402-417 per kg, as per TexPro.
In Gujarat, traders said that spinning mills were least interested in buying cotton as there was sense of panic of further fall in prices. Forwarded deals were agreed for November delivery below ₹77,000 per candy of 356 kg. Spot prices also came down to ₹93,000-95,000 per candy from ₹97,000-99,000 per candy.
Fibre2Fashion News Desk (KUL)
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