Foreign news on July 7 said that cotton yarn prices in southern India, including Mumbai and Tirupur, remained stable because cotton mills were unwilling to cut prices and offered discounts for bulk orders.
However, weak demand has led the textile industry to adopt a cautious attitude.
Kupang cotton prices fell due to falling Intercontinental Exchange (ICE) cotton futures prices and sluggish demand.
Cotton yarn prices in southern India remain stable, although demand has weakened due to weak demand from the consumer industry and exporters, and the tone is generally bearish. Cotton yarn prices in Mumbai remained unchanged as cotton mills, stockists offered discounts for bulk orders. Cotton yarn prices have also stabilized in Tirupur. After a brief uptick earlier this month, demand has cooled, with traders pointing to a lack of support on all fronts.
Cotton yarn prices in Mumbai remain the same as before. A trader in Mumbai said: “Cotton mills have a large inventory of cotton yarn. However, they are in no rush to cut prices. They hope that prices will remain stable or even rise after a period of time. So they offer discounts on bulk purchases.”
Cotton yarn prices in Tirupur have remained stable since the beginning of this month. A trader in Tirupur said: “The consumer industry has not been supportive of their purchases. After a brief increase in purchases following price corrections, demand has weakened again. The textile industry may remain cautious in sourcing raw materials until there are clear signs that Demand from the retail industry has improved.”
Kupang cotton prices fell due to lower ICE cotton futures and reduced demand from spinning mills. Traders have observed that ICE cotton futures prices have declined over the past few days. Cotton mills are also showing little interest in new purchases of cotton. Cotton prices fell by 700-800 rupees per candy (356 kg) this week and were traded at 55,500-56,000 rupees per candy. The arrival volume of Kupang cotton is less than 10,000 bales (170kg/bag). The national arrival volume is expected to be 30,000-32,000 packages.
