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Brazilian cotton quotes drop from decline in global prices
22
Aug '16
The first fortnight of August 2016 witnessed a decline in Brazilian cotton quotes, following the sharp drop in international cotton prices.

“Brazilian cotton purchasers taking advantage of the movement, bought new batches for prompt delivery, which in turn hiked the pace of cotton trades,” CEPEA said.

However, cotton growers continued to stay firm on their asking prices, keeping in mind the low cotton production amid urge to accomplish contracts by sellers.

Quoting data from the Brazilian Commodity Exchange, CEPEA added that 73.4 per cent crop of the 2014/15 season, estimated at 1.563 million tons might have already been traded until August 15.

Of this total, 50.6 per cent was sold in the domestic market and the rest in the international market.

Between July 29 and August 15, the CEPEA/ESALQ Index, with payment in 8 days, for cotton type 41-4, delivered in São Paulo, dropped 3.07 per cent, closing at BRL 2.5687 or $0.81 per pound on August 15.

However, the average for the reporting fortnight at BRL 2.6301 or $0.82 per pound was still 1.26 per cent higher than that seen for July 2016. (AR)

Fibre2Fashion News Desk – India

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