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Brazilian cotton prices continues its upward march

Given the rise in Ice Futures at the New York Stock Exchange, Brazilian cotton prices continued to head North in late September. The prices of the commodity also grew on expectations of low cotton availability until the beginning of harvesting of the new crop. Cotton buyers too expressed higher interest in purchasing, while sellers remained firm in asking prices.

The Centre for Applied Studies in Applied Economics (CEPEA)/Escola Superior de Agricultura (ESALQ) Index for payment in 8 days for cotton type 41-4, delivered in São Paulo increased 2.77 per cent closing at BRL 2.5244 or $0.7764 per pound on September 30. Quoting data from the Brazilian Commodity Exchange, the CEPEA said 73.8 per cent of the Brazilian 2014/15 cotton crop forecast at 1.563 million tons had already been traded until late September. Of this, 50.8 per cent was sold in the domestic market and the rest in the international market.

As regards to the 2015/16 crop projected at 1.289 million tons, 60.4 per cent had already been traded in September. Of this total, 43.9 per cent was sold in the local market and the rest in the global markets.

 
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