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With fierce competition between agents, prices stabilize in BR

 

Cepea, November 3, 2021 – After hitting BRL 6.00/pound on October 11, a nominal record in the series of Cepea, cotton prices dropped in Brazil on the following days, becoming stable towards the end of the month. This scenario reflected the fierce competition between agents for the prices bid and asked by agents, which kept the average price stable and constrained deals in the Brazilian spot market.

 

In general, sellers were aware of both the cotton valuations abroad and price rises for oil in October. Cotton farmers were also focused on ending processing and accomplishing contracts, majorly to the international market, worried about high production costs. On the other hand, purchasers were concerned about the weak purchase power of the population in Brazil, which tends to constrain sales in the textile market in first place. These agents claim difficulties to pass on to by-products the high cotton prices.

 

On Oct. 29, the CEPEA/ESALQ Index for cotton closed at BRL 5.9479/pound, 4.96% up from that on Sept. 30. The monthly average, which closed at BRL 5.9088/pound, was 11.1% higher than that in September and 61.9% up from that in Oct/20, in nominal terms. Besides, the average in October is the highest nominal average in the series of Cepea.

 

(Cepea-Brazil)

 

 

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