KARACHI, May 9: The Trading Corporation of Pakistan on Monday sold 49,800 bales of cotton to 29 local mills against 74 bids for 129,000 bales. According to the TCP, the price evaluation committee of the corporation had sold cotton in the range of Rs2250 to Rs2300 per maund to the local mills.

The corporation had offered 60,000 bales cotton of grade III with staple length of 1-1/16” prime micronaire stored at various locations in its tender of April 30. Of the total quantity, 30,000 bales will be offered from the TCP Karachi godown, 15,000 bales from DG Khan, 10,000 bales from Chichawatni godown and 5,000 bales from Sanghar godown.

The TCP has also received six bids from foreign buyers for 30,000 bales. The corporation has floated another tender for the export and local sale of 60,000 cotton bales. The tender will be opened on May 14.

The TCP had sold 20,000 bales in the previous tender to three exporters at 48.35 cents which is equivalent to Rs2360 per maund.—APP