Firm values in a heated market

Brazilian cotton market moved at a great pace in the first fortnight of December. Buyers (wholesalers and textile mills) remained willing to trade. Growers, in turn, kept still firm about the prices. They have been retreating the supply, betting on higher values for the first semester next year. Between November 30th and December 14th, the CEPEA/ESALQ Index for the type 41-4 (delivered in Sao Paulo city) upped 6.34 percent in Real, closing at 1.2756 real or 0.7087 dollar on Friday, Dec 14th. The upward trend was also linked to the off-season period.

Exports, on the other hand, moved slowly. In average, for the cotton from the current crop (2006/07), some contracts were settled at 0.6667 dollar a pound to delivery in January/08. According to the Secex (Foreign Trade Secretariat), Brazilian cotton exports totaled 77.4 thousand tons in November, a record.

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