The government has decided to sell the cotton held by Trading Corporation of Pakistan to local textile mills as the deadline for the ginners comes to an end on March 30, said industry sources. The TCP, which holds 1.6 million bales high-grade cotton, was ready to tender for the sale of the stocks allowing both local and international buyers to participate in the tenders. However, the ginners were extremely against the idea to sell this cotton in the local market as they were holding 800,000 bales.
The ginners said that the government had given the deadline of March 30 as last date for the ginners to sell their stocks.
Ginners said despite this deadline they still have stocks of 0.4to 0.5 million bales but the quality of this cotton is very low.
Meanwhile, New York cotton futures have gained more value and reached 54 cents per pound. Cotton traders said that the cost of imported cotton would be around Rs 2650 per maund, which means that TCP can easily sell its stocks at Rs 2500 per maund.
Comments
Comments are closed.