Turkish cotton prices fell last week as farmers raised their supply to factories to pay debts, traders said on Friday. Benchmark standard-1 cotton was sold for 1.85 lira per kg ($1,254 per tonne), down from 2.05 lira last week.
Trade volume was 1,310 tonnes in the benchmark Izmir Trade Bourse (ITB). "Producers have debts to pay at the end of November. For that reason, cotton supply to the factories has risen significantly," said ITB executive board member Baris Kocagoz.
He said that the high-quality cotton was still sold at higher prices because of its limited supply. "It is normal that good quality cotton is traded at 2 lira, but such cotton is of low quantity," Kocagoz said.