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    Cotton prices stabilize in Brazil’s spot market towards the end of October

    After reaching BRL 6.00 / pound on October 11, the nominal record for the CEPEA (Center for Advanced Economics) series, cotton prices fell in Brazil the next day and stabilized towards the end of the month. On October 29, the cotton CEPEA / ESALQ index closed at R $ 5.9479 per pound. This is up 4.96% from September 30th.

    The monthly average (October) closed at 5.9088 reals / pound, but on a nominal basis it was 11.1% higher than September and 61.9% higher than October 2020. What’s more, the October average is the highest nominal average in the CEPEA series.

    CEPEA is the latest biweekly report on the Brazilian cotton market, where average prices in the Brazilian cotton spot market stabilized towards the end of October.

    After reaching BRL 6.00 / pound on October 11, the nominal record for the CEPEA (Center for Advanced Economics) series, cotton prices fell in Brazil the next day and stabilized towards the end of the month. On October 29, the cotton CEPEA / ESALQ index closed at R $ 5.9479 per pound. This is up 4.96% from September 30th.

    “Generally, sellers were aware of both the valuation of cotton abroad and the rise in oil prices in October. Cotton farmers also focused primarily on the end of processing to the international market and the fulfillment of contracts. On the other hand, buyers were concerned about the weak purchasing power of the Brazilian population, which tends to constrain sales in the textile market in the first place. These agents were concerned about high production costs. It claims that it is difficult to pass on high cotton prices to by-products, “the report said in an analysis.

    Fiber2Fashion News Desk (RKS)

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    Cotton prices stabilize in Brazil’s spot market towards the end of October

    Source link Cotton prices stabilize in Brazil’s spot market towards the end of October

    The post Cotton prices stabilize in Brazil’s spot market towards the end of October appeared first on Eminetra.

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