The cotton yarn market in southern India was mixed today. Despite the weak demand, the price of Bombay cotton yarn remains strong because of the high quotation of spinning mills. But in Tiruppur, the price of cotton yarn dropped by 2-3 rupees per kilogram. The spinning mills are eager to sell the yarn, because the trade in West Bengal will be interrupted on the last ten days of this month due to Durga Puja.
The price of cotton yarn in Mumbai market has shown an upward trend. The spinning mill quoted an increase of Rs. 5-10 per kg as their stocks would run out. A trader in the Mumbai market said: “The market is still facing weak demand. Spinners are offering higher prices because they are trying to limit the price gap by raising prices. Although buying is not good, the decline in inventory also supports this trend.”
However, the price of cotton yarn in Tiruppur market fell further. Traders said that the cotton yarn trading price fell by 2-3 rupees per kilogram. A trader from Tiruppur said: “In the last week of this month, West Bengal will celebrate the Dulga Goddess Day. This will affect the supply of yarn from September 20 to 30. The purchase volume from the Eastern State has decreased, leading to a decline in prices.” Traders believe that overall demand is also weak. Market sentiment remains weak.
In Gubang, cotton prices remained stable despite reports of continuous rainfall. The arrival of new cotton in Gubang is about 500 bales, each weighing 170 kg. Traders said that despite the rain, buyers still have hope for the timely arrival of cotton. If it rains for a few more days, crop failure will be inevitable.
Post time: Nov-07-2022