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High global stocks weaken Brazilian cotton prices
17
Feb '16
Cotton prices weakened in the first fortnight of February mainly because sellers were watchful of data pointing to increasing global ending stocks and decreasing demand.

“They also kept a close watch on dollar fluctuation against the Brazilian Real, which kept pressuring export parity,” CEPEA said in a press release.

“Thus, supply for the domestic market increased, despite which, purchasers were interested in trade batches of low volumes,” CEPEA observed.

In the first fortnight of the month, the CEPEA/ESALQ Index, with payment in 8 days, for cotton type 41-4, delivered in São Paulo, dropped 1.65 per cent and traded at 2.5766 BRL or $0.644 per pound on Feb 12.

Quoting data from CONAB, CEPEA added that Brazilian production of the 2015/16 crop may decrease by 3.6 per cent compared to the previous season and reach 1.51 million tons.

It also informed that acreage may be 10.6 per cent lower from the 2014/15 season, while productivity may reach 1,550 kilo per hectare. (AR)

Fibre2Fashion News Desk – India

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