Foreign news on July 21, heavy rains in India’s Maharashtra and central regions have dampened cotton yarn trade sentiment. Demand in the textile industry has been suppressed due to the disruption of rainfall to normal life and economic activities. However, Tiruppur in Tamil Nadu showed an improvement in demand in the textile industry. The rise in cotton prices over the past few days has failed to push up yarn prices.
Cotton yarn prices in Mumbai remain stable amid slowing demand. The market noticed an improvement in buying at the beginning of the week, but it slowed due to heavy rains. A trader in Mumbai said: “Normal life and economic activities in Mumbai and other areas have been hindered, which has reduced the demand for cotton yarn in the textile industry. Large inventories across the value chain can curb demand during the festival.”
Tiruppur has better demand from the textile industry. Cotton yarn trade has increased significantly, but yarn prices have remained stable. “Semi-rovings have been supported and prices are slightly higher. However, the prices of most varieties are stable. Demand from the consumer industry has increased significantly.”
Kupang due to strong ICE cotton futures and demand for central India Cotton prices continue to trend upward due to concerns about new harvests in various states and purchases of new harvests by multinational companies.
Scorching hot weather in the US production areas provides support for ICE cotton futures.
According to traders, there are reports that some areas in Kupang and other nearby states need to be re-seeded with cotton as previously sown cotton was washed away by heavy rains. Meanwhile, multinational companies are keen to advance purchases of new crops from northern states.
