20000217

TCP disposes of 38,000 cotton bales

RECORDER REPORT

KARACHI: The Trading Corporation of Pakistan (TCP) has successfully sold out 38,000 cotton bales at an average rate of 44.5 cents per pound which is higher than the local market.

Bidding for 50,000 cotton bales held on Wednesday where 38,000 bales were sold at different rates with slight fluctuation.

In terms of volume of 6,000 bales of Afzal, type 1116 were sold at the rate of 45.25 cents per pound. Some 10,000 bales of Eleka 1116 were sold at 44.25 cents per pound.

Afzal -1132 10,000 bales were also sold at the rate of 43.25 cents per pound. Similarly, another lot of Afzal-1116 were sold at 45.25 cents per pound. Some 12000 bales were booked at this rate.

The exporters said that it was good deal which would bring the TCP in profit for the first time in the history of the corporation.

In terms of Pakistani rupee, the sold cotton was of Rs. 1,980 per maund.

In the local market the cotton prices are between Rs.1,450 and Rs. 1,600 per maund in Sindh. In Punjab, the prices are between Rs. 1,600 to Rs. 1,800 per maund.