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Brazilian cotton prices drop on low liquidity in June
03 Jul '19
1 min read
Pic: Shutterstock
Cotton prices in the Brazilian market decreased in June due to the prevailing low liquidity. Between May 31 and June 28, the CEPEA/ESALQ cotton Index, with payment in 8 days, decreased 5.45 per cent, closing at 2.7155 BRL per pound on June 28. The average Index in June, at 2.7944 BRL per pound, was 3.04 per cent lower than that from May 2019.
During the month, agents from processing plants were not very interested in closing new deals, and were working with the cotton previously purchased through contracts and waiting for the harvesting to advance. Besides, some of these agents claimed that by-products sales were below the expected, which increased inventories, Center for Advanced Studies on Applied Economics (CEPEA) said in its latest fortnightly report on the Brazilian cotton market.
Cotton growers have already sold large amounts of 2018-19 crop, and hence deals for future delivery in both the domestic and the international markets, involving the cotton from the 2018-19 and the 2019-20 crops, were still low in June. (RKS)
Fibre2Fashion News Desk – India
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