During the week of November 17-23, Indian cotton farmers began to gradually accept non-cash payments for the sale of new cotton. However, the impact of the new monetary policy on the textile industry is still continuing, demand has dropped significantly, and the retail industry has basically stagnated due to lack of cash. It is expected that This situation will continue in the coming weeks.
Last week, the supply of cotton gins in India increased, and cotton prices began to fall, with the price of S-6 falling from 39,700 rupees/kander to 39,400 rupees/kander. Affected by weak demand from downstream textile companies, Indian cotton prices are expected to fall further in the coming week. According to statistics, India’s C30S export price dropped by 5 cents/kg to US$2.95/kg last week, the first time it fell below US$3/kg since July. Affected by the continued depreciation of the Indian rupee, the future export price of Indian cotton yarn will still be unfavorable. New cotton sales in India gradually resume and cotton yarn prices drop slightly
