MUMBAI (Commoditiescontrol) - Cotton prices in Brazil remained firm in January as demand was seen increasing from domestic as well as exporters. In the month, the CEPEA/ESALQ Index raised 16.91 percent.
With decreasing export parity and purchasers demanding cotton for prompt deliveries, producers kept firm in asking prices in the domestic market.
On January 28, the Index reached the highest level since May/11, at 2.6232 BRL (0.644 USD) per pound. The monthly average of January, at 2.4482 BRL (0.604 USD) per pound, was 9.18 percent higher than that from Dec/15 and 32.43 percent up compared to Jan/14 (values deflated by IGP-DI from Dec/15). The partial average is the highest since April/14, in real terms.
Regarding exports, oscillations at New York Stock Exchange (ICE Futures) and dollar valuation against Real during January allowed Brazilian cotton trades in the international market in January, with higher pace in the first fortnight of the month.
Export prices in January for shipments from February to April averaged 0.6337 USD per pound, 1.96 percent down compared to data from December/15.
(By Commoditiescontrol Bureau; +91-22-40015522)
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