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“Business Sector”: Selling 983 kantars of cotton in Fayoum at 3,865 pounds per quintal


The latest sessions of public auctions for the sale of cotton within the new trading system for the 2021-2022 season closed at a price of 3865 pounds per quintal in Fayoum Governorate.

 

According to the Ministry of Public Business Sector, the price for opening the auction, according to the statistics received from the Cotton Arbitration and Testing Authority, amounted to 2,619 pounds.

 

It is noteworthy that the new cotton trading system is being applied to all governorates for the season 2021-2022, as it depends on the sale of cotton through the auction system in collection centers in each administrative center in the governorates according to the areas of the farm with certainty. And handing it over to the centers again to bid on it among the trading companies.

 

The mechanism for determining the price of opening auctions, which was set by the Ministerial Cotton Committee, is based on the calculation of an increase margin of 40% for lower staple cotton and 20% for Upper Egypt cotton over the global price of index A short-staple cotton.

 

The new 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 auction.

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