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India: Rupee depreciation is good for exports, Chinese yarn import prices plummet
In the past seven days, ICE cotton prices have fallen sharply, but Indian cotton prices have remained firm. On the eve of India's National Day, yarn orders were stable and prices were relatively stable. With the outbreak of the Turkish crisis leading to a sharp depreciation of the Indian rupee, it is expected that Indian yarn exports will be positive for some time in the future. According to statistics, in the past seven days, the price of S-6 cotton in India has been slightly lowered by Rs 100 to Rs 48,200/candi, a decrease of 0.21%. The price of 30S cotton knitting yarn has fallen by Rs 1 to Rs 220/kg by 0.45%. Indian textile companies report that because the cost of yarn production is still very high and the profitability of spinning is very low, the survival situation of textile companies is still difficult until a large number of new cottons are listed in October. In recent days, the sudden outbreak of the Turkish crisis has led to a sharp depreciation of the Indian rupee, and financial investors have withdrawn from emerging markets, which may have a favorable impact on the competitiveness of Indian yarns in the international market. In particular, the further depreciation of the Chinese renminbi provides an opportunity for the Chinese import market to further reduce prices. According to statistics, in the past four weeks, the price of 32S pure cotton yarn exported from India to China has fallen by 8 cents to 2.98 US dollars/kg, a drop of 2.6%, and the same level of Vietnamese yarn has fallen by 13 cents to 3.12 US dollars/kg, a drop of 4 %, Uzbex yarn fell 9 cents to 2.95 US dollars/kg, a drop of 3%, and Indonesian yarns fell 8 cents to 3.17 US dollars/kg, a drop of 2.5%. Article Keywords: Rupee depreciates China's yarn import prices