[ad_1]
Ahead of the Union Budget 2022-23 to be presented by finance minister Nirmala Sitharaman on February 1 in Parliament, cotton yarn prices in north India remained stable as buyers adopted a wait and watch policy. The Indian textile sector is early waiting for government’s proposals in the Budget, before they decide on their future course of action.
“Cotton yarn market went on hold as buyers preferred to take cautious note before Budget proposals. The prices may get influence from tax related proposals that the government announces in the Budget. Textile industry has demanded removal of import duty on cotton as domestic prices have increased and touched higher level than foreign markets,” SK Shrivastava of Delhi-based Neha Fibre told Fibre2Fashion.
The stable price trend was noted in Ludhiana, Delhi and Panipat yarn markets too. According to Surinder Jain, President of Ludhiana Yarn dealers Association, the market was waiting for Budget provisions which can influence market sentiments. Demand is already weak in the market as downstream businessmen are reluctant for trading activities.
Ahead of the Union Budget 2022-23 to be presented by finance minister Nirmala Sitharaman on February 1 in Parliament, cotton yarn prices in north India remained stable as buyers adopted a wait and watch policy. The Indian textile sector is early waiting for government’s proposals in the Budget, before they decide on their future course of action.
In Ludhiana, cotton yarn of 20 and 30 counts in combed variety were traded steady at ₹360-370 per kg and ₹390-400 per kg respectively. Carded yarn in 30 counts was quoted at ₹365-375 per kg. In Delhi, cotton yarn of 30 count combed was traded steady at ₹345-355 per kg, 40 count combed at ₹380-400 per kg, 30 count carded at ₹330-340 per kg and 40 count at ₹345-355 per kg, according to Fibre2Fashion’s market analysis tool TexPro. 10 count weaving (O/E) yarn was quoted at ₹125-130 per kg, while 16 count weaving (O/E) was at ₹165-170 per kg.
In Panipat, cotton yarn prices were recorded as: 10s recycled yarn (white) at ₹95-100 per kg, 10s recycled yarn (dyed) at ₹90-100 per kg, 20s recycled yarn (dyed) at ₹100-125 per kg, whereas 10s optical yarn was traded at ₹90-100 per kg. Trade sources said in addition to weak demand, Budget applied break in fresh buying as buyers were waiting for new proposals.
Meanwhile, cotton prices surged by ₹600-900 per candy of 356 kg in North Indian market on Monday amid better demand from mills, while daily arrivals also recorded an increase. The price of cotton in these states had increased by ₹200 per candy on Saturday. In Punjab, the prices were quoted at ₹72,400-73,600 per candy. In Haryana, cotton was traded at ₹70,600- 72,600 per candy. In Upper Rajasthan, cotton price was quoted at ₹72,700-73,500 per candy. In Lower Rajasthan, cotton prices were quoted at ₹70,000-Rs. 72,800 per candy.
On last Friday, ICE cotton futures edged higher on positive note of outside markets and USDA’s export sales figures. ICE Cotton contract for March 2022 closed at 123.76 cents, up 213 points; May 2022 closed at 120.84 cents, up 148 points; and December 2022 closed at 99.73 cents, up 90 points. ZCE cotton recorded no trade today due to weeklong holiday in the market due to the Chinese New Year.
Fibre2Fashion News Desk (KUL)
[ad_2]
Source link
