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Brazilian cotton prices witness slight increase in May
02
Jun '17
The domestic prices of cotton in Brazil have oscillated in May, but ended the month with a slight increase. During the month, the CEPEA/ESALQ Index, 8-day payment terms, for cotton type 41-4, delivered in São Paulo, increased 0.52 per cent, to close at 2.7785 BRL ($0.8583) on May 31, CEPEA, the Centre for Advanced Studies on Applied Economics, said.

In general, liquidity was low in May. Quotes were underpinned by the firm position of sellers in the off-season period and by the devaluation of Real against dollar, mainly in the second fortnight of the month, CEPEA said in its fortnightly report on cotton.

In addition to lower cotton availability in the spot market, the gap between asking and bidding prices also contributed to limited trade.

Based on estimates for a good 2016-17 harvesting, some processors expect prices to drop and hence were interested in buying only small volumes to meet their short-term needs.

For the anticipated trade of the new season, the gap between asking and bidding prices has been wide as well. However, some contracts were closed based on the CEPEA/ESALQ Index and the contracts at the New York Exchange Stock (ICE Futures).

However, the pace of export trade was faster in May, mainly for shipments in 2018 (2017-18 crop). International price rises, mainly in mid-May, encouraged agents to close new contracts and/or fix prices for open contracts, the report said. (RKS)

Fibre2Fashion News Desk – India


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