Meanwhile, trading activity stalled in Mumbai due to the Ganesh Chaturthi festival celebrations observed across the city and the entire state of Maharashtra. Prior to this, cotton yarn prices were steady amidst limited buying interest.
Cotton yarn prices were noted stable in Tiruppur, South India, with a possible ₹2-3/kg increase forecast due to steady demand and recent mill rate hikes.
Mumbai market remained closed due to Ganesh Chaturthi festival.
Gujarat saw a rise in cotton prices in last couple of days.
The recent rains in Gujarat will have mixed impact on the cotton crop.
Though mills had revised yarn prices by increasing rate by ₹5-6 per kg, it has not led to a boost in prices in the open market immediately. A trader from Tiruppur told Fibre2Fashion, “Although yarn prices did not get boost immediately, they can gain ₹2-3 per kg in the days to come as regular demand will absorb partial price rise.”
Prices in the Tiruppur market were noted as: 30 count combed cotton yarn ₹263-268 per kg (excluding GST), 34 count combed cotton yarn ₹271-276 per kg, 40 count combed cotton yarn ₹282-287 per kg, 30 count carded cotton yarn ₹238-243 per kg, 34 count carded cotton yarn ₹242-247 per kg, and 40 count carded cotton yarn ₹250-255 per kg, according to Fibre2Fashion’s market insight tool TexPro.
Mumbai market did not see trade in cotton yarn as the market remained closed due to festival of Ganesh Chaturthi. Cotton yarn was traded steady on Monday as average demand support prices at present level.
In Mumbai, 60 carded yarn of warp and weft varieties was sold at ₹1,460-1,480 and ₹1,350-1,380 per 5 kg (excluding GST), respectively. Other prices include 60 combed warp at ₹322-328 per kg, 80 carded weft ₹1,340-1,380 per 4.5 kg, 44/46 carded warp ₹260-265 per kg, 40/41 carded warp ₹245-250 per kg, and 40/41 combed warp ₹270-275 per kg, as per TexPro.
In Gujarat, cotton prices gained ₹300-500 per candy of 356 kg in last couple of days. Recent rains in Gujarat will benefit cotton crop in general, but cotton that was sown early may get hit as it is ready for first picking. The state noticed better demand from spinning mills. In Gujarat market, the benchmark Shankar-6 cotton variety was quoted between ₹61,500-62,500 per candy. The arrival was around 10,000 bales of 170 kg in Gujarat. The state witnessed around 30-40 per cent new cotton arrival. All India arrival was estimated at 30,000-32,000 bales.
Fibre2Fashion News Desk (KUL)
