Turkish cotton prices were steady this week as a modest 400 tonnes changed hands after no trade was recorded last week, traders said on Thursday. Benchmark standard-1 cotton sold for 2.2 lira per kg this week ($1,377 per tonne) with total volume on the Izmir Trade Bourse (ITB) at 400 tonnes.
Lira/dollar exchange rates are determining the cotton prices, said ITB official Nuri Uz. "Cotton sellers are acting coyly because they do not like the current prices," he said.
A weaker lira makes imports more expensive and backs demand for local cotton from textiles manufacturers, he said. "Cotton prices are expected to be between $1.35-$1.42 in the domestic market in the immediate future".