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[European epidemic blockade causes India and Pakistan cotton yarn prices to fall]
Release date:[2020/11/20] Read a total of[48]time

In the past week, the price of cotton yarn in Pakistan began to fall, and clothing sales fell again after the second outbreak in European countries, which affected the demand for raw materials from Pakistani garment factories.

   At the same time, the domestic cotton price fell again and the spinning mills lowered their quotations. 20 carded yarns fell by 1.46%, but the export prices were relatively firm due to low stocks in the spinning mills.

   In the past two weeks, Pakistani cotton prices have fallen sharply, consistent with the trend of the international market. The Karachi spot price index has fallen by 6.93%, and the quotation of imported US cotton has fallen to 76.70 cents/lb.

   However, due to the sharp drop in cotton production this year, Pakistani cotton prices are expected to remain firm for some time to come. The US Department of Agriculture forecast shows that Pakistan’s cotton production in 2020/21 will fall 19.3% year-on-year and 34% in two years. Therefore, cotton imports are expected to increase by 50% in two years.

  According to market feedback, Pakistan’s output is said to be as low as 1.2 million tons, and 1.3 million tons need to be imported to meet domestic demand. As of the end of January, 500,000 tons have been signed, so demand will continue to increase later in the year.

   In the past week, the price of cotton yarn in India fell for the first time in three months. The second epidemic blockade in Europe has had an impact on Indian textile production and sales. The cancellation of export orders led to a decline in cotton and cotton yarn consumption.

   India's cotton yarn export prices fell, 30 combed yarns fell to 2.96 US dollars/kg, cotton prices remained stable. India’s cotton production fell by 1% this year. Although the area where cotton was planted was crying, excessive rainfall and insect pests led to a decline in cotton yield.

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