Cotton prices jumped in governorate auctions, and a quintal recorded today, Sunday 3-19-2023, in the governorates of Lower Egypt, at a value of 400 pounds, to reach 6200 pounds for the Giza 94 variety, instead of 5800 pounds, and the price of a quintal of cotton in Dakahlia recorded 6215 pounds for the same variety during the March 8 auction session. underway, according to a number of dealers in the cotton market.
Traders reported that the price in the latest cotton auction for the type of Giza 94 in Gharbia governorate ranged from 5900 to 6005 pounds instead of 5710 to 5835 pounds per quintal in the last auction.
It is noteworthy that the new cotton circulation system is being applied for the fourth year in a row, as it relies on selling cotton through the public auction system.
The system aims to organize and improve the process of trading cotton and maintain its cleanliness and quality, and then increase its competitiveness globally, while achieving the highest return for the farmer in return for his cotton through bidding.
Traders confirmed that the price of a quintal of Giza 95 in Upper Egypt in the last auction ranged from 6000 to 6100 pounds in Assiut Governorate, and there is an increase in the price of selling a quintal of cotton during the past few hours; Because of the increase in global demand for cotton, and its rise in the global stock market.
They pointed out that there are discrepancies in the quality of “white gold” from one governorate to another, and Kafr El-Sheikh is considered the best in terms of quality, then the Eastern, Dakahlia and Western regions.
Cotton price today
It is noteworthy that the price of a quintal of cotton in the last auction in Upper Egypt ranged from 5250 to 5400 pounds, during the current period, compared to 5200 pounds per quintal, in the first auction since the start of the season early last month, according to traders.
Traders reported that the price of a quintal of cotton in Lower Egypt for long and extra-long varieties rose in the last auction, reaching 7800 pounds instead of 7200, recently and in the best varieties; It is Giza 96, compared to 6000 pounds in the first auction.
Cotton price today
In turn, Hussein Abdel Rahman Abu Saddam, head of the Farmers Syndicate, revealed in statements to Al-Mal that the highest price of a quintal of cotton in Lower Egypt for the Giza 96 variety was recorded in the last auction at 7800 pounds in the governorates of Kafr El-Sheikh and Dakahlia, and the Giza 97 variety recorded about 5600 pounds in Menoufia in Last auction last February.
Abdel Rahman explained that the reason for the price difference is the quality of the cotton, as Giza 94 and Giza 97 are grown in Lower Egypt and Giza 95 in Upper Egypt.