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South India notices thin trade ahead of Diwali; prices up in Mumbai

Diwali, a major festival in India, will be celebrated on October ** this year.

Mumbai market witnessed limited trade today as traders were more interested and busy in festival activities. However, since the market had witnessed higher buying in the last couple of days, cotton yarn prices were higher by &#****;*-* per kg. A trader from Mumbai market told Fibre2Fashion, “Buyers were keen to buy cotton yarn as they expected higher prices after Diwali. They considered current prices as bottom line. Mills are also quoting higher prices as they anticipate gains after the festival week.” However, several markets may see slow production in the first fortnight after Diwali as workers take one to two weeks to come back to work after the festival.”