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    Brazilian cotton market trading slows in September

    The pace of trading in the Brazilian cotton market slowed in September due to the gap between the asking price and the bid price. Cotton prices also fell, initially returning to mid-August levels, but rose at the end of the month, with the September 30 cotton CEPEA / ESALQ index rising 5.8% month-on-month to 5.6666 BRL / pound. I closed the transaction at. ..

    The monthly average for September was 5.3184 BRL / pound, closing at the highest level in the name of a series of Cepeas.

    “While farmers are away from the market and / or trying to sell their products at higher prices, buyers claim that it is difficult to raise the price of by-products and want to pay more for cotton. In general, processors’ agents dealt with the products to be delivered (previously purchased through contracts), but some buyers will be for delivery within the next few months. I was also interested in closing the deal, “said the Center for Advanced Studies in Applied Economics (CEPEA), the latest biweekly report on the Brazilian cotton market.

    The pace of trading in the Brazilian cotton market slowed in September due to the gap between the asking price and the bid price. Cotton prices also fell, initially returning to mid-August levels, but rose at the end of the month, with the September 30 cotton CEPEA / ESALQ index rising 5.8% to 5.6666 BRL / pound. I closed the transaction.

    According to Abrapa (Brazilian Cotton Producers Association), the 2020-21 season cotton harvest ended in Brazil and 52% of the products were processed until September 26th. Brazil’s national production is estimated at 2.32 million tonnes.

    By September 27, 351,650 tonnes of cotton had been sold to the domestic market and 434,660 tonnes had been allocated for export, according to BBM (Brazilian Commodity Exchange) data. Export contracts with sales options in the Brazilian market totaled 98,850 tonnes. .. Therefore, at least 885,160 tonnes could have been sold, accounting for 38.2 percent of Brazil’s production forecast.

    Fiber2Fashion News Desk (RKS)

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    Brazilian cotton market trading slows in September

    Source link Brazilian cotton market trading slows in September

    The post Brazilian cotton market trading slows in September appeared first on Eminetra.

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