Affected by the further decline in the rupee exchange rate, Pakistan’s cotton yarn export prices fell in US dollars, and domestic cotton yarn prices were supported by the rebound in imported cotton prices.
In the past week, due to the reduction in export demand, the export price of Pakistani cotton yarn has fallen sharply, and the demand from Chinese buyers has been insufficient. The CNF of Pakistan’s main port in China has fallen to extremely low levels. The fall in the rupee exchange rate caused exporters to significantly lower their US dollar quotations. The price of 30-count carded yarn fell by 6 cents in a single week, or 2.01%.
Pakistan’s domestic cotton yarn prices are stable and transactions are still light. After the smooth transition of the new tax system for textiles in the next few weeks, domestic demand will recover significantly, but the new 10% sales tax from July 1 has caused cotton export prices to fall.
Affected by sluggish demand, Indian cotton yarn prices continue to fall, falling sharply in the past four weeks. At the same time, domestic cotton prices in India have not changed, and cotton mill profits have declined. The price of 100% pure cotton combed knitted yarn in India fell by 2% that week, and has fallen by 4.3% in the past four weeks. The price of 100% pure polyester yarn has dropped by 11.6% in the past four weeks. Cotton and chemical fiber prices did not change, and cotton mill profits continued to decline.
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