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4630 pounds, the price of a pound in the first cotton auction in Lower Egypt


Yesterday, Thursday, 3 cotton auctions were held in a number of governorates, as part of the new trading system for the current season 2022/2021, which is supervised by a Holding Company for Cotton and Spinning and Weaving affiliated to the Ministry of Public Business Sector.

 

In the first auction in Lower Egypt in Sharkia Governorate, the opening price amounted to 2,946 pounds in the auction that was awarded to Al-Rowad and Delta Egypt companies for a quantity of 3250 quintals of cotton (Giza 94 class), where the award price reached 4,630 pounds per quintal.

 

In Upper Egypt, 4,294 quintals (Giza 95 grade) were sold in the latest auctions that took place in Fayoum Governorate, where the award price amounted to 3850 pounds per kantar in favor of the "Olam Egypt" company, and "Abu Madawi" company won another auction in Beni Suef for the amount of 4398 kantars. Cotton at a price of 3825 pounds per quintal, while the opening price of the auctions reached 2611 pounds.

 

The new system relies on receiving and collecting cottons from farmers directly in collection centers that have been identified in the administrative centers in the governorates according to the areas cultivated with cotton, which also provide jute bags and cotton dusters (at cost) to fill the cottons with, and public auctions are held between trading companies on the quantities of cotton that come For each collection center, the farmer receives, on the day following the auction, 70% of the value of the sold cotton from the company on which the auction is based, and 30% within a week of the auction after determining the grade differences and the net rate.

 

The system aims to regulate and improve the cotton trading process, maintain its cleanliness and quality, and thus increase its global competitiveness, while achieving the highest return for the farmer against his cotton through the bidding system.

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