Ludhiana, North India’s prominent yarn market, saw very dull activities on the very first day after voting that concluded. Yarn prices remained stable in the entire Northern India’s yarn market as millers did not reduce their quoted prices. They wanted to have cushion from recent price fall in cotton. Sluggish demand also helped for steady trend in the market.
In Ludhiana, cotton yarn of 20 and 30 counts in combed variety were traded stable at Rs. 360-370 and Rs. 390-400 per kg respectively. Carded yarn in 30 counts was quoted at Rs. 350-360 per kg, as per market insight tool TexPro.
Traders from Delhi said that spinning millers were reluctant to reduce yarn prices despite downfall in prices of the natural fibre. Millers were trying to maintain cushion from recent price fall as they could not raise prices in last 20-30 days even though there was a steep rise in cotton prices. Cotton yarn price did not see any movement due to sluggish demand.
In Delhi, cotton yarn was traded flat. 30 count combed yarn was traded at Rs. 380-390 per kg, 40 counts combed at Rs. 385-400 per kg, 30 count carded at Rs. 335-345 per kg and 40 count carded at Rs. 350-360 per kg, according to TexPro. 10 count weaving (O/E) yarn was quoted at Rs. 120-125 per kg, while 16 count weaving (O/E) was at Rs. 160-165 per kg.
In Panipat, cotton yarn prices were recorded as: 10s recycled yarn (white) at Rs. 95-100 per kg, 10s recycled yarn (dyed) at Rs. 90-100 per kg, 20s recycled yarn (dyed) at Rs. 100-125 per kg. 10s optical yarn was traded at Rs. 90-100 per kg in the market. 2/40 combed yarn of fresh cotton fibre was traded at Rs. 400-410 per kg.
Meanwhile, cotton prices softened by Rs. 100-200 per candy of 356 kg in North Indian market recently amid sluggish demand from mills, while daily arrivals remained stable. In Punjab, cotton was quoted at Rs. 76,400-77,500 per candy. In Haryana, cotton prices were noted at Rs. 74,000-76,000 per candy. In Upper Rajasthan, cotton was priced at Rs. 77,000-77,300 per candy. In Lower Rajasthan, cotton was sold at Rs. 72,200-74,400 per candy.
In the global market, ZCE cotton yarn May 2022 futures traded higher by CNY 110 at CNY 28,410 per tonne and September 2022 traded higher by CNY 90 at CNY 27,985 per MT today. On recently, ICE cotton futures edged higher despite the alarming report regarding Ukraine and Russia. Cotton contract for March 2022 closed at 122.99 cents, up 106 points; May 2022 closed at 121.16 cents, up 164 points; December 2022 closed at 102.79 cents, up 48 points.
With voting for the elections to the State assembly in Punjab recently, normal trading in cotton yarn is likely to resume coming week. During the elections, buyers and sellers remained reluctant to carry cash transaction due to additional vigilance. Traders in Delhi are eagerly watching the market trend in Ludhiana to get an idea of future direction.
