In the past week, Indian cotton prices have been affected by the launch of the first batch of new cotton. Cotton yarn prices continue to fall, while other yarns have begun to stabilize. The price of cotton yarn fell by 2 rupees/kg, the price of blended yarn fell by 3 rupees/kg, while the price of polyester-viscose yarn and pure polyester yarn remained stable.
Currently, new cotton from Punjab, India has begun to appear on the market. This year, the minimum purchase price of MSP has increased very little. The Indian Cotton Company will not do so before the start of the new year (October 1). Purchase, domestic cotton prices will be under pressure in the short term. However, after the start of the new year, cotton prices will not fall sharply as government purchases begin.
At the same time, the Indian textile industry is facing shrinkage, demand from knitted garment and fabric manufacturers has decreased year-on-year, and spinning mills have also faced the problem of sharp declines in profits for several consecutive months.
