According to traders, cotton yarn demand is very weak since the beginning of the new financial year on April 1. Spinning mills are not keen to sell yarn at lower prices because they do not want to lose their margin to lure buyers. A trader from Ludhiana told Fibre2Fashion that cotton yarn prices steadied but it can see downward trend in days to come if demand down does not improve very soon. In Ludhiana, 30 count cotton combed yarn was sold at ₹410-420 per kg, according to Fibre2Fashion’s market insight tool TexPro. 20 and 25 count combed yarn were traded at ₹385-405 per kg and ₹390-410 per kg respectively. Carded yarn of 30 count was quoted at ₹380-395 per kg.
Delhi market also noted steady prices amid weaker demand. Atul Bansal, a trader from Delhi, said that the current prices are not attractive for buyers, and they are buying for just immediately requirement. In Delhi, 30 count combed yarn was traded at ₹360-365 per kg, 40 count combed at ₹390-400 per kg, 30 count carded at ₹335-340 per kg and 40 count carded at ₹360-370 per kg. 10 count weaving (O/E) yarn was quoted at ₹125-130 per kg, while 16 count weaving (O/E) was at ₹160-165 per kg.
Recycled yarn prices remained unmoved in Panipat market. Traders said that current weak demand was not supporting upside trend. Raw material supply was also limited due to disruption in import of old clothes from Europe. In Panipat market, 10s recycled yarn (white) was traded at ₹100-110 per kg, 10s recycled yarn (coloured - high quality) at ₹100-105 per kg, 10s recycled yarn (coloured - low quality) at ₹75-80 per kg and 20s recycled yarn (coloured) at ₹130-145 per kg. 10s optical yarn was traded at ₹125-130 per kg in the market.
In the global market, ZCE cotton yarn May 2022 futures traded down by CNY 210 to CNY 28,135 per ton and September 2022 traded lower by CNY 310 at CNY 27,650 per MT today. ZCE cotton May lost CNY 175 to CNY 20,875 per MT and September contract traded down by CNY 225 to CNY 21,180 per MT.
ICE Cotton Futures edged lower on Wednesday, as investors rolled over their holdings from the front-month contract, while drop in equities market intensified the bearish sentiment. Cotton contract for May 2022 closed at 135.77 cents, down 176 points; July 2022 closed at 132.73 cents, down 124 points; and December 2022 closed at 114.49 cents, down 33 points.
Fibre2Fashion News Desk (KUL)
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