Price of cotton remains high and stimulates future sale in Mato Grosso
The price of cotton continues in an uptrend this month, according to the indicator from the Center for Advanced Studies in Applied Economics (Cepea), and accumulates an appreciation of 6.57% up until Tuesday (5/10), increasingly closer to BRL 8 per pound-weight. Cepea´s analysts also draw attention to the drop in cotton supply – especially in quality – in the 2020/21 harvest, which increases competitiveness for this product line and drives the price.
On the 10th, the reference based in the state of São Paulo closed at BRL 7.8677 per pound-weight. The respondents attribute the movement to a firmer attitude of the sellers, attentive to international plume prices and the exchange rate in Brazil.
In Mato Grosso, the cotton market is experiencing a similar movement, according to Instituto de Economia Agropecuária do Estado (Imea). Heated demand and the rise in international quotes referenced on the New York Stock Exchange raised parities lead to a rise in prices. Last week alone, Imea´s indicator rose 4.77%, to BRL 244.42 for half a bushel.
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