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TCP accepts bid for 5,000 lint
bales
KARACHI- The Trading Corporation of Pakistan (TCP) has
accepted export contract for 5,000 bales of cotton from the
highest bidder who offered 33.06 cents per lb, TCP sources
said.
The price valuation committee of TCP on Friday, accepted the
offer from American Commodity, USA who along with 14 other
participants offered their bids for purchase of 10,000 bales.
However, the TCP's valuation committee only accepted one bid
of 5,000 bales for May shipment from American Commodity who
had quoted 33.06 cents per lb.
The same bidder also made two other bids for 2000 bales at
32.70 cents per lb for April shipment and 3,000 bales at 32
cents for March shipment. The former bid proved to be second
highest.
The third highest bid of 33 cents came from First Texas
Trading Company, USA and the lowest at 26.77 cents per lb was
offered by Baltaf of Turkey.
Sources said that the TCP on Thursday in total received 15
bids along with one from a local participant. However, the
local offer given by Crescent Ajooba despite being the highest
at 34.25 cents per lb could not qualify as the TCP's tender
condition do not allow local participation.
In order to protect growers interest the government has asked
the TCP to intervene in the market as and when necessary by
procuring raw cotton from ginners at the rate of Rs1,855 per
maund. Beside this the corporation also incurs additional cost
in term of handling, storage and financial charges. However,
the bid accepted by the TCP at 33.06 cents indicates that the
offer had been accepted at Rs1,650 per maund or 11 cents less
than the procurement price of the corporation.
The depressed prices of raw cotton in the international market
has made the TCP task more difficult and it is being feared by
textile industry that such sales would ultimately result in
accumulation of losses to the exchequer.
courtesy Daily The News, 1
March, 2002
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Pakissan.com;
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