The new cotton circulation system, which is being implemented under the supervision of the Misr Cotton Trading and Ginning Company, affiliated to the Ministry of Public Business Sector, continued its success in marketing cotton nationwide.
The ministry said in a statement on Wednesday that the cotton auctions that were held on Wednesday resulted in the sale of 167,530 quintals in 10 governorates, where the price amounted to about EGP 8,275 for some items.
Traders in the various governorates traded cotton in public auctions, especially from Giza varieties 86, 92, 94, 96 and 97.
It is noteworthy that the new marketing policy has resulted in achieving great success, which depends on opening new markets for Egyptian cotton, and direct contact with some import agents to know the movement of markets and the volume of demand during the coming period.
The Misr Cotton Company prepares a daily report to be presented to Mahmoud Esmat, Minister of Public Business Sector, who follows up on cotton trading operations in the interest of transparency and ensuring the rights of farmers and traders.
The new trading system relies on receiving cotton directly from farmers without intermediaries in collection centers in the various cotton-growing areas, and applying the public bidding system with linking the opening price to the international price of cotton to achieve a fair price for farmers.
The executive committee responsible for marketing the cotton crop periodically monitors the cotton trading system in all governorates.
The committee includes representatives of the ministries of the public business sector, trade and industry, the General Authority for Cotton Arbitration and Testing, the Egyptian Agricultural Bank, the Holding Company for Cotton, Spinning, Weaving and Clothing, in addition to the Ministry of Agriculture.
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