“Some processing plants had low interest in new purchases in the spot market, while others stayed away from the market. The active processing plants were searching for high quality cotton, but bidding prices were lower than asking prices for this kind of cotton,” the Center for Advanced Studies on Applied Economics (CEPEA) said in its latest report on Brazilian cotton market.
Brazilian cotton growers have already sold a large volume of the 2017-18 crop. On the other hand, some traders needed cotton to accomplish contracts or replenish inventories. In this scenario, only a few deals for prompt delivery were closed, showing an occasional flexibility of purchasers regarding quality and/or of sellers concerning prices, mainly for lower quality cotton, the report said. (RKS)
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