Due to little demand, cotton yarn prices held unchanged in south India today. Cotton yarn sales were not able to remain strong in the market. Spinners are once more under pressure to sell their inventory. However, dealers were confident that following Pongal, demand would increase. After the Union budget for 2023–24 is made clear, buyers are likely to return.
Cotton yarn pricing showed a consistent trend in the Mumbai market. Because there were no buyers, market sentiment declined. “The weak trend in the downstream business caused a slowdown in demand. Spinners were under pressure to get rid of their inventory. Owners of looms are least concerned with output. But Bharat Shah said, “They were attempting to sell their stocks. According to another trader, buyers are being cautious because of the forthcoming Union budget.
60 count carded cotton yarn in Mumbai was sold for between 1,540 and 1,570 per 5 kg (including GST) for the warp variety and between 1,440 and 1,490 for the weft variety. Priced at $345-350 per kg for 60 combed warp and $1,470-1,490 per 4.5 kg for 80 carded (weft) cotton yarn. Pricing for 44/46 count carded cotton yarn (warp) ranged from $285 to $290 per kg. 40/41 count carded cotton yarn (warp) sold for between 272-278 and 40/41 count combed yarn (warp) for between 292-295 per kg.
Even in the Tiruppur bazaar, there were no buyers. According to traders, the weaving sector was silent since the Pongal celebration was keeping the looms from operating. The festival can be held responsible for the present trend’s sluggishness. In the Tiruppur market today, 30 count combed cotton yarn was sold for between 285-290 rupees (plus GST), 34 count combed for between 300-305 rupees, and 40 count combed for between 310-315 rupees per kilogramme. The price per kg for cotton yarn with a 30 count carded was between 255 and 260, a 34 count carded was between 265-270, and a 40 count carded was between 270 and 275.
Cotton was reduced in price in Gujarat by 500–700 to 62,000–62,500 per candy of 356 kg. The decline in cotton prices was attributed by the traders to weak ICE cotton. Ginners found the current price of seed cotton (narma), which was traded at $1,775–$1,825, to be unsettling.