Análise sobre eficiência em mercados futuros: uma comparação entre os contratos de algodão em pluma da BM&F e da NYBOT

Resumen

In the end of the 1980s the cotton system lost importance and Brazil became a net importer. After that, some changes occurred at the production structure and this system evaluated to a model based on big producers. That sector is in a competitive market, where there aren't barriers to products and capitals. During the 1990s some events occur, so that the volatility of prices became high and the agents took their decisions with a high degree of uncertainty. The present research has the aim of analyze which option of hedge could be more efficient for Brazilian members of cotton system, if it was the cotton contract of Brazilian Mercantile and Futures Markets (BM&F) or the contract of New York Board of Trade (NYBOT).