Cotton yarn prices gain in Mumbai as traders expect better sentiments

However, demand side remained gloomy. Hence, there was thin trade on higher prices.

In Mumbai market, 60 count carded cotton yarn of warp and weft varieties were traded at ₹1,900-2,000 and ₹1,710-1,780 per 5 kg respectively. Carded cotton yarn (44/46 count) of warp variety was traded at ₹1,710-1,750 per 5 kg. 80 count carded cotton yarn of weft variety was sold at ₹1,920-1,950 per 4.5 kg.

On the other hand, Tiruppur market noted decline of ₹2-5 per kg in cotton yarn prices as summer demand was not yet visible in the market. According to traders, summer demand should have been visible in this month, but uncertainty due to Russia-Ukraine war delayed it. Purushottam Gupta, a trader from Tiruppur, told Fibre2Fashion that summer demand has got delayed, but it may improve by mid of this month.

In Tiruppur, 30 count combed cotton yarn was traded at ₹355-365 per kg, 34 count combed at ₹365-370 per kg and 40 count combed at ₹390-400 per kg. Cotton yarn of 30 count carded was sold at ₹315-320 per kg, 34 count carded at ₹325-330 per kg and 40 count carded at ₹335-345 per kg, according to Fibre2Fashion’s market insight tool TexPro.

In the global market, ZCE cotton yarn May 2022 futures traded up by CNY 75 at CNY 28,355 per ton and September 2022 traded higher by CNY 200 at CNY 27,930 per MT today. ZCE cotton March gained CNY 55 to CNY 21,215 per MT and May contract traded down by CNY 35 at CNY 20,200 per MT.

ICE cotton futures closed with mixed session on Monday. Cotton contract for May 2022 closed at 116.94 cents, up 52 points; July 2022 closed at 112.7 cents, down 41 points; and December 2022 closed at 101.21 cents, up 56 points. Cotton became more expensive for overseas purchasers as the dollar index increased 0.5 per cent against its rivals.

Cotton prices softened in Maharashtra on Monday amid sluggish demand from spinning mills, while daily arrivals remained stable. In Nagpur and Yavatmal line, 30 mm cotton was priced at ₹78,000-78,500 per candy of 356 kg, 29.5 mm at ₹77,000-77,500 per candy and 29 mm variety cotton at ₹76,000-76,500 per candy. In Marathwada, Khandesh line, 29 mm RD 75 variety cotton was priced at ₹76,000-77,000 per candy. In Akola line, 29mm cotton ranged ₹76,000-77,000 per candy and 28.5 plus mm cotton at ₹75,500-76,000 per candy.

Fibre2Fashion News Desk (KUL)