Some buyers with urgent requirements have been willing to pay higher prices. Conversely, sellers in need of immediate cash flow are offering their products at lower rates.
Comparing data from December 28, 2023, to January 31, 2024, the CEPEA/ESALQ Index for cotton decreased by 0.32 per cent, settling at BRL 3.9874 per pound on January 31, CEPEA said in its latest fortnightly report on the Brazilian cotton market.
Rising international prices and strong import demand have prompted industry players to focus on international trade, particularly in the latter half of January.
According to Instituto Mato-grossense de Economia Agropecuária's (IMEA) data released on January 22, 81.53 per cent of the 2022-23 season's cotton had been traded in Mato Grosso, Brazil's largest producer.
As of the fourth week of January, The Secretariat of Foreign Trade at the Ministry of Economy (SECEX) data indicates that Brazil has exported 240.4 thousand tons of cotton, marking a 93.9 per cent increase compared to January 2023 and ranking as the third-highest volume shipped in January.
ALCHEMPro News Desk (KD)
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