Meanwhile, Reliance Industries Limited, the market leader of PSF’s intermediary products, has increased prices of PTA and MELT. The company is likely to increase the price of PSF next month.
Market sources said that cotton prices eased down today due to price fall in the entire commodity sector due to progress in talks between Russia and Ukraine. But cotton prices witnessed steep rise in last fortnight and have neared the ₹90,000-mark for a candy in north India.
A trader from Ludhiana told Fibre2Fashion that spinning mills were able to increase yarn prices because the demand from downstream industry was slightly better, and fabric manufacturers were buying yarn in limited quantity.
Crude oil is mostly adopting downtrend in last one fortnight. Recent announcement by Russia to reduce army activities in few cities of Ukraine after peace talks in Turkey sent bearish sign to crude oil. But it is hovering at very high level which is not comfortable for upstream industry of PSF and Acrylic fibre. After steep decline, global oil benchmark Brent crude futures surged 2.92 per cent to $113.45 per barrel.
In Ludhiana, India’s most prominent man-made yarn market, 30 Count PC combed yarn (48/52) was sold higher at ₹280-290 per kg (GST extra). 30 Count PC carded yarn (65/35) was priced at ₹260-270 per kg, according to Fibre2Fashion’s market insight tool TexPro. 20 count PC (Recycled-O/E) PSF yarn (40/60) was traded at ₹190-195 per kg. Acrylic NM (2/48) was priced at ₹315-320 per kg and acrylic NM (2/32) at ₹280-290 per kg. Acrylic fibre shot up by ₹17.50 to ₹229.50 per kg. PSF was noted stable at ₹123 per kg. PSF’s raw materials also went up. RIL increased prices by ₹3.80 per kg and ₹3.27 per kg for PTA and MELT respectively on last Saturday. The raw materials were traded as PTA ₹92.30 per kg, MEG ₹62.30 per kg and MELT ₹100.91 per kg.
ICE cotton futures edged lower on Tuesday amid weakness in wider commodities on signs of momentum in Russia-Ukraine peace negotiations. Cotton contract for May 2022 closed at 136.81 cents, down 226 points; July 2022 closed at 133.25 cents, down 206 points; December 2022 closed at 111.04 cents, down 26 points.
In north India, Cotton prices softened by ₹200-300 per candy on Wednesday amid reduced demand from the mills at higher prices, while daily arrivals registered a decrease. In Punjab, cotton was quoted at ₹88,300-89,400 per candy. In Haryana, the prices were ruling at ₹86,500-88,600 per candy. In Upper Rajasthan, cotton was priced at ₹88,800-89,500 per candy. In Lower Rajasthan, cotton prices noted at ₹82,600-84,400 per candy.
Fibre2Fashion News Desk (KUL)