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Cotton prices dip slightly in Brazilian spot market
20 Feb '19
1 min read
Pic: Pxhere
Cotton prices fell slightly in the Brazilian spot market in the first fortnight of February as buyers were cautious the Center for Advanced Studies on Applied Economics (CEPEA) said in a report. Between January 31 and February 15, the CEPEA/ESALQ cotton Index, with payment in 8 days, dropped 0.25 per cent, closing at 2.9349 BRL per pound on February 15.
The price average in the first fortnight of February, at 2.9417 BRL per pound, is 0.7 per cent lower than that from January 2019.
Only some trade deals were finalised during the fortnight, that too in cases where purchasers accepted lower quality cotton, or sellers lowered asking prices. The varied quality among batches also limited new trades.
For the 2018-19 season, cotton production is expected to rise sharply due to 33 per cent increase in area, according to Conab (National Company for Food Supply). Harvesting may reach 2.564 million tons, 27.9 per cent up compared to the previous season. However, the average productivity is forecast to dip 3.0 per cent to 1,641 kilos per hectare. (RKS)
Fibre2Fashion News Desk – India
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