Expecting further price rise in the domestic market, cotton growers continued to be firm in closing exports contracts and/or holding the product. On the other hand, taking advantage of the peak periods at ICE Futures, trading companies preferred to trade with the international market, in spite of the valuation of Real against dollar quotes.
In late March, however, the pace of trade in the Brazilian cotton market was slow again, leading to a dip in quoted price. Although some sellers were firm in asking prices, waiting for higher quotes until the harvesting beginning of the new crop, purchasers were cautious with acquisitions at the price levels then, which hampered trades and price rises on some days.
In the central-southern region, some processors were retracted, stocked up by the product purchased in the first fortnight of March. Others, however, searched for batches of small volumes and with good quality. Specifically in the north-eastern region, some processors were active, purchasing several batches for prompt-delivery.
From February 24 to March 31, the CEPEA/ESALQ Index, 8-day payment terms, for cotton type 41-4, delivered in São Paulo, increased 1.9 per cent, closing at 2.7643 real ($0.884) per pound on March 31. (RKS)
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