Ripples of the Indian stock market plunge felt in the cotton thread market

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The 1,545-point decline in the BSE Sensex on Monday created a cash crisis with traders as liquidity had to be diverted to the stock market in order to average the stocks held by the traders. As a result, the Indian cotton yarn markets in Mumbai, Ahmedabad and Surat have been sluggish. However, the price of Tilpur has risen due to increased demand from downstream industries.

In Mumbai, low demand from power rooms has also reduced cotton yarn prices. Many power rooms are temporarily closed due to low demand for fabrics from the garment manufacturing industry, according to market sources. Fiber2Fashion..

In the Mumbai market, 60-count worsted cotton yarns for warp and weft fell 10-20 pounds each, at 1,940-2,000 pounds per 5 kg and 1,680-1,720 pounds per 5 kg. The 80-count worsted cotton yarn of the warp and weft variety sold for 1,870 to 1,900 pounds per 4.5 kg and lost up to 20 pounds per 5 kg. Warp varieties of worsted cotton yarn (44/46 counts) were sold for 1,740-1,765 pounds per 5 kg.

The 1,545-point decline in the BSE Sensex on Monday created a cash crisis with traders as liquidity had to be diverted to the stock market in order to average the stocks held by the traders. As a result, the Indian cotton yarn markets in Mumbai, Ahmedabad and Surat have been sluggish. However, the price of Tilpur has risen due to increased demand from downstream industries.

Ahmedabad-based industry veteran Narayan Lacotia Fiber2Fashion Demand for the summer is gradually improving, but export demand has not yet arrived. Foreign buyers from the United States and Europe are postponing orders due to the epidemic of Omicron variants.

In the Ahmedabad-Rajkot market, 30ch (Combed Hosiery) cotton yarn was trading at 352-357 pounds per kg. 30 KH (Carded Hosiery) yarn was sold at £ 325-330 per kg and 20 KH was priced at £ 303-308 per kg.

However, as the summer season began following Pongal, the tilpuru market was in high demand from textile manufacturers. Tilpur traders said garment makers are purchasing raw materials to meet further requirements.

The price of cotton yarn has risen by 3-8 pounds per kg in the tilpuru market. 30 counts of cotton yarn traded at £ 355-360 per kg, 34 counts at £ 370-375 per kg and 40 counts at £ 390-400 per kg. According to the report, 30-count cotton cards were sold at 315-325 pounds per kg, 34-count cotton cards were sold at 330-340 pounds per kg, and 40-count cotton cards were sold at 345-355 pounds per kg. Fibre2 Fashion’s market analysis tool TexPro.

ZCE cotton yarn May 2022 futures were RMB 28,975 per ton, down RMB 25, and September 2022 were stable trading at RMB 28,435 per ton. Monday’s ICE cotton futures contracted amid a strong dollar and stock market sellouts as Russia and the West intensified the dispute over Ukraine. The cotton contract on March 22 closed at 120.4 cents, down 35 points. In May 2022, it closed at 117.79 cents, down 19 points, and in December 2022, it closed at 98.36 cents, down 49 points. “There was sales pressure we’re looking at in the stock market and here all over. Today, it’s getting a little creepy around the market. The strong dollar is also weighing on cotton prices,” analysts said. Stated.

Meanwhile, in the Maharashtra market on Tuesday, cotton prices were stable, but daily arrivals declined amid limited demand from spinning mills. On the Nagpur and Yavatmal lines, the price of 30 mm cotton is 356 kg per candy for 77,500-78,000 pounds, 29.5 mm cotton is 76,500-77,000 pounds per candy, and 29 mm cotton is 75,500-76,000 per candy. It was a pound. The Jalgaon-Khandesh line sold 29mm RD 75 varieties of cotton for £ 75,000-75,500 per candy. At the Accora line, the price of 29 mm cotton ranged from 75,000 to 75,500 pounds per candy, and the price of 28.5 plus cotton ranged from 74,000 to 74,500 pounds per candy.

Fiber2Fashion News Desk (KUL)

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Ripples of the Indian stock market plunge felt in the cotton thread market

Source link Ripples of the Indian stock market plunge felt in the cotton thread market

The post Ripples of the Indian stock market plunge felt in the cotton thread market appeared first on Eminetra.

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