ECONOMY

Prices of cotton drop in Turkey

IZMIR (Reuters) – Turkish cotton prices fell this week amid surging trade volume as textile exports fell and the US dollar lost ground against the lira currency, dealers said yesterday. Volume on the Izmir Trade Bourse (ITB) rose to 1,420 tons this week from 220 tons last week. Benchmark standard-1 cotton sold for 1.80 lira per kilo (1,080 euros per ton) for payments one week ahead, down from last week’s 1.85 lira. Cooperative Taris Cotton Union sold 1,000 tons of the total. No transactions were recorded for one day of the week. A negative climate is still affecting the cotton textiles industry, said ITB Executive Board Chairman Seref Iyiuyurlar. Prices are falling due to the depreciation of the dollar against the lira and a fall in Turkey’s textiles exports. A weaker dollar makes cotton imports cheaper. Industrialists are taking advantage of lower prices to meet their requirements, said Iyiuyurlar.