KARACHI, June 13: The Trading Corporation of Pakistan (TCP) on Monday sold 50,500 bales of cotton to 27 local mills against 63 bids for 101,300 bales. According to TCP Chairman Syed Masood Alam Rizvi, the price evaluation committee of the corporation had sold cotton in the range of Rs2,260 to Rs2,385 per maund to local mills.

Of the total quantity, 38,300 bales of cotton were sold from TCP Karachi godown at Rs2,325 per maund, 4,000 bales from Multan at Rs2,385 per maund, 3,000 bales from D G Khan at Rs2,327 per maund, 2,500 bales of grade III from Chichawatni godown at Rs2,260 per maund and 1,000 bales from Bahawalpur godown at Rs2,366 per maund.

Rizvi said that a counter offer of 44 cents per lb was given to two foreign bidders for 10,000 bales.

Meanwhile, TCP has floated another tender for the export and local sale of 60,000 cotton bales stored at Karachi and Multan godowns. The tender will be opened on Friday (June 17) at TCP head office.

It may be noted that TCP had so far sold a total of 470,471 bales in the previous tenders, of which 370,471 bales were sold to local mills and 60,000 bales to foreign parties.—APP