Weakening demand from cotton spinning mills in early October, led to cotton prices, resuming moving down in the Brazilian market.
Spinners are offering lower prices than those quoted by sellers, for even high-quality cotton, while also complaining about low quality of 2013/14 cotton crop available in the market.
A few cotton purchasers also refrained from buying, quoting slow movement of yarn sales, despite which, the yarn market has registered higher liquidity this month compared to the previous month.
Cotton producers are only focussing on delivering cotton contracted in earlier days. Some of them expect price rises in the off-season period, mainly for high-quality batches.
The CEPEA/ESALQ Index for cotton type 41-4 closed at 1.6606 BRL (0.6811 dollar) per pound on October 15, down 0.66% in the first fortnight of October.
Between October 13 and 17, the Cotlook A Index moved down 0.62% compared to the previous week ending Oct 10. In the same period, the dollar average increased 0.93%.
The export parity calculated by Cepea FAS (Free Alongside Ship) Paranaguá port averaged 1.4538 BRL per pound, up 0.32% compared to the previous week.
The import parity released by Conab, based on the Cotlook A Index, averaged 2.0327 reais per pound from October 13-17, up 0.54% from its previous week at a dollar average of 2.4311 BRL.
In its latest report, USDA raised the October estimate for India, China and Pakistan and reduced the forecast for the US and Brazil for the 2014/15 season.
Overall, USDA projected the 2014/15 cotton output at roughly 26 million tons, a rise of 1.1% from data released in September. (AR)
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