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Brazil's June cotton imports soar 177% over May
21
Jul '16
In June 2016, Brazilian cotton imports totaled 655,000 tons, a massive rise of 177 per cent over its previous month, where it stood at 236,000 tons and also much higher than 158,000 tons in June 2015.

As per data from the Foreign Trade Secretariat (SECEX), Brazilian cotton exports however dropped in June for the sixth consecutive month and were down 1.8 per cent from May 2016.

But, in the first six months of 2016, global sales were still 42.9 per cent higher compared to the same period of the previous year.

In the first fortnight of July, Brazilian cotton prices dropped mainly due to higher supply and depressed demand for the commodity.

The harvesting of the new 2015/16 crop advanced at a slow pace in the fortnight ending July 15, however, supply of cotton from growers and trading companies was made at a higher pace.

But, cotton users purchased volume necessary to meet immediate demands, with the expectation that an increase of cotton supply in the upcoming weeks, will press down quotes.

According to CEPEA, a few cotton export trades too were closed in the period, especially for shipments in the second quarter of 2017.

In the reporting period, the CEPEA/ESALQ Index for cotton type 41-4, for payment in 8 days and delivered in São Paulo, was down 3.87 per cent closing at BRL 2.5559 or $0.7864 per pound on July 15. (AR)

Fibre2fashion News Desk - India

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