TCP cotton tender draws disappointing bids

KARACHI: Textile mill-owners have submitted only three offers to buy around 7,000 cotton bales of 170 kilogram each with the Trading Corporation of Pakistan (TCP) against its invite tender for the sale of 95,000 bales, an official said on Wednesday.
"The mill-owners have offered prices at Rs 4,800 to Rs 4,900 per maund that is around 37.324 kilogram, which is close to our demanded price," said the official.
"We have demanded an average price of Karachi Cotton Association (KCA) spot rate from July 14 to July 28."
The valuation committee and the award committee of the corporation would look into the offers and give their decision to accept or reject the received bids on July 29.
However, another source has said there are strong rumours that TCP would scrap the bids and issue a new tender.
"TCP has never received such poor response in its history," the source added.
“The new tenders would be invited in Karachi against those opened in Islamabad on July 28," he said.
It is believed that TCP would receive tremendous response in Karachi tender
The corporation procured around 95,000 bales from ginners at Rs 6,864 per maund in 2014-15.
The bales were bough to revive cotton price during the year. Cotton was trading at Rs 5,000 to Rs 5,300 when the government approved to procure the bales.