A Ludhiana-based trader Ashok Singhal told Fibre2Fashion, “Poly spun yarn decreased as availability was better compared to demand. Labour and power shortage led to lower buying from downstream industry.” However, he said that yarn market is going to see a big change in term of demand and supplies. Many mills are shifting towards polyester yarn to avoid the problem of scarcity of cotton. Such change can influence yarn prices in the coming weeks. Sources said that some mills can observe one day holiday in a week to reduce cotton consumption, while other mills are focusing on finer yarn of higher count to reduce cotton consumption. As a result, there will be higher availability of finer yarn but short supply of coarse yarn.
Ludhiana, the country’s most prominent man-made yarn market witnessed pressure on polyester yarn. Poly spun yarn fell down by ₹2-3 per kg in last week. However, polyester-cotton yarn and acrylic yarn remained stable. Demand from downstream industry remained weak but mills were not willing to reduce price due to costly cotton.
In Ludhiana market, 30 count poly spun yarn was sold at ₹190-200 per kg (inclusive GST), while recycled 30 count poly spun yarn was at ₹180-185 per kg. 30 count PC combed yarn (48/52) was sold at ₹295-310 per kg. 30 count PC carded yarn (65/35) was priced at ₹260-270 per kg, according to Fibre2Fashion’s market insight tool TexPro. 20 count PC (recycled-O/E) PSF yarn (40/60) was traded at ₹190-195 per kg. Acrylic NM (2/48) was priced at ₹330-340 and acrylic NM (2/32) at ₹280-290 per kg.
Meanwhile prices of PSF remained unchanged at ₹123 per kg. Reliance Industries Limited (RIL) has fixed prices of raw material as PTA ₹92.10 (+ ₹1.3) and MEG ₹62 (- ₹1.80) and MELT at ₹99.52 per kg. Global oil benchmark Brent crude futures rose 1.03 per cent to $108.35 per barrel, which is the source product for polyester value chain.
In the global market, ZCE cotton yarn May 2022 futures traded lower by CNY 315 to CNY 27,470 per ton and September 2022 traded down by CNY 190 at CNY 28,075 per MT today. ZCE cotton May lost CNY 155 to CNY 21,420 per MT and September contract traded down by CNY 140 to CNY 21,415 per MT.
ICE cotton futures edged lower on Tuesday, as a stronger dollar and a decline in broader commodities markets weighed on investor mood. Cotton contract for May 2022 closed at 139.68 cents, down 506 points; July 2022 closed at 138.33 cents, down 492 points, December 2022 closed at 120.95 cents, down 252 points. The US dollar hit a new 20-year high against the Japanese yen. Cotton is more expensive for international buyers due to a stronger dollar.
In north India, cotton prices softened by ₹400-600 per candy of 356 kg on Wednesday amid bearish trend in world market and weaker demand. Cotton arrival also declined. Cotton was quoted at ₹93,400 to 94,500 per candy in Punjab. Cotton was sold at ₹91,600 to 93,900 in Haryana, ₹94,800 to 95,000 in Upper Rajasthan and ₹89,100 to 91,200 per candy in Lower Rajasthan.
Fibre2Fashion News Desk (KUL)
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