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Brazilian cotton prices remain firm in June first week
17
Jun '16
Cotton prices remained firm in the Brazilian spot market in the first week of June 2016, due to low availability of crop and the firm position of sellers.
 
Between May 31 and June 15, the CEPEA/ESALQ Index, with payment in 8 days, for cotton type 41-4, delivered in São Paulo, increased a slight 0.11 per cent, closing at 2.6907 BRL ($0.7776) per pound on June 15, Cepea, the Sao Paulo University linked research centre, said in its latest fortnightly market analysis.
 
However, very few trades were closed during the fortnight. But, observing the increases at the New York Board of Trade (ICE Futures) and the Cotlook A Index, trading companies closed many contracts for exports or “flex” (with the option for the Brazilian market) in early June, especially to be shipped in the second semester 2017.
 
Meanwhile, cotton growers preferred to wait for the beginning of harvesting to evaluate new sales. 
 
Data from Conab released in the first week of the month indicated that the Brazilian production from the 2015-16 crop might be 1.411 million tons, 9.71 per cent lower than in the previous season (2014-15). The estimated area is 958,500 hectares, 1.8 per cent smaller. Productivity may be 3.684 kilos per hectare.
 
Conab also estimated that consumption may amount 750,000 tons, 8.54 per cent lower than in the previous season. Imports were estimated to reach 20,000 tons, volume almost 10 fold the volume in 2014-15. Exports, however, may decrease 11.3 per cent to 740,000 tons. (RKS)
 

Fibre2Fashion News Desk – India

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