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Brazilian cotton prices keep rising despite weak demand
21
Sep '15
Prices of Brazilian cotton kept rising despite of weak demand in the domestic and global markets in the first fortnight of September.

"Low cotton availability, due to delays in harvesting and in ginning of the 2014/15 crop, as well as increases in export parity drove up cotton prices,” a report from CEPEA informed.

“For the upcoming weeks, agents are betting on stable prices or even declines,” the report said.

The CEPEA/ESALQ Index, for payment in 8 days, for cotton type 41-4, which includes freight to São Paulo city grew 2.90 per cent till the fifteen days to September 15.

Quoting statistics from the Brazilian Foreign Trade Secretariat (Secex), the report added that almost 50,000 tons were exported in August 2015, a massive 216 per cent surge when compared to July 2015.

But August 2015 exports were 47.8 per cent down than in August 2014, while revenues soared 246 per cent between July and August 2015 compared to the same period in 2014, totaling to $79.8 million.

“Year to date, revenue increased 4 per cent compared to the same period in 2014, totaling to $482 million this year,” it observed.

In the Brazilian currency, revenue increased 39.6 per cent, while average price rose 8.2 per cent. In volume, exports expanded 29.1 per cent between January and August 2015 vis-a-vis the same period of 2014.

However, from January to August 2015, Brazil imported 117,000 tons, down a steep 96 per cent versus the same period in 2014 and value too fell 94 per cent at $3.27 million. (AR)

Fibre2Fashion News Desk – India

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