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Cotton quotes continue to rise in Brazilian market
04
May '18
Cotton quotes continue to rise in Brazilian market
Cotton prices continued to soar in the Brazilian market in April due to low cotton supply along with high purchasing interest. Between March 29 and April 30, the CEPEA/ESALQ cotton Index rose 10.1 per cent, closing at 3.3373 BRL (0.9519 USD) on April 30, reaching the highest level since April 20, 2011. The Index has increased a sharp 25.2 per cent this year.
 
From buyers’ perspective, processors and traders seemed to be interested in new purchases in the spot market, but the competition regarding price and quality hampered trades. Some processors purchased batches while trading companies showed flexibility and retracted from the market. Other purchasers remained searching for new batches and increasing bidding prices to close trades. Meanwhile, some processors were away from the market, working with the cotton stocked or to be delivered, Center for Advanced Studies on Applied Economics (CEPEA) said in its latest report on the domestic cotton market.
 
During the period under consideration, sellers were not very active in the domestic market. While some growers did not have any cotton to supply in the spot market, other growers were firm regarding asking prices, even for lower quality batches. Trading companies, however, were attentive to the oscillation of international prices. (RKS)

Fibre2Fashion News Desk – India


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