Private sector buys 40,000 qintars of Egyptian cotton

The acquired amount comes as part of the government’s new auction-based cotton trading system

  
ArabFinance: Egyptian private companies purchased 40,100 qintars of cotton during the period from September 15th until October 7th, according to an October 10th Cabinet statement.

The acquired amount comes as part of the government’s new auction-based cotton trading system, under which the state allocated 50 centers in four cities to collect and receive the cultivated cotton of season 2020/2021.

The auctions were held in Fayoum, Beni Suef, Beheira, and Sharqiya, where 33,432 packaging bags were given to the farmers to fill with cotton.

The average selling price for the cotton was EGP 1,805 per qintar in Beni Suef and Sharqia, and EGP 2,050 in Fayoum.

The Central Agency for Public Mobilization and Statistics showed last month that the consumed domestic cotton reached 172,700 metric qaintar during the March-May period this year.

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