KARACHI, Nov 28: The Trading Corporation of Pakistan (TCP) has received 16 bids against its season’s second tender for export of 10,000 bales of cotton, official sources said.

Contrary to low price quoted in the previous offer of equal quantity of cotton for export sale, the TCP on Wednesday received better price with the highest at 36.06 cents per lb.

The sources said Italian company — Indutech — has made a bid for purchase of 5,000 bales at 36.06 cents per lb. The same company has also made a bid for purchase of another 5,000 bales at 35.56 cents per lb.

The offers will be evaluated by the Price Evaluation Committee of TCP and its decision will be known on Friday, the sources said.

The price committee normally takes into consideration such factors, which become the basis for determining cotton price in the world market.

Consequently, the price committee will take into account the current price at New York cotton futures, the purchase price of TCP and the price level of similar deals made by other buyers.

The TCP on Nov 21, 2001, invited bids for export sale of 10,000 bales of cotton grade box-III staple length 1-1/16” of 2001-2002 crop.

The corporation has so far entered into purchase contracts for over 218,300 bales from Sindh and Punjab out of which 115,100 bales have already arrived in TCP’s godowns at Karachi.

Others who participated in Wednesday’s bids were Rally Bros of UK, Bering of Hong Kong, ECOM Agro Industrial Cooperation of Switzerland, First Texas Trading Co, Texas, Loades Trading In-Cooperation of UK, Allen Berg of US, L-Trfyfuf, Paul & Rein Sart of Switzerland and Meryon Trading Corporation.

However, there is strong resentment in the textile industry against export sales being made by the TCP.

The All Pakistan Textile Mills Association (Aptma) has been opposing such sales alleging that the government was in a way subsidizing its overseas competitors by offering cheap cotton.