Egypt’s Alcotexa slashes cotton prices
The Alexandria Cotton Exporters’ Association (Alcotexa) has lowered the price of Egyptian Giza 86 long staple (LS) cotton by $.08 per pound. The price of Giza 70 extra long staple (ELS) cotton was reduced by $.05 and a series of other cotton varieties had their price reduced by $.06.
The association reported that it had sold 108,092 tons of cotton from September to December, Egypt’s cotton-picking season, generating $208.6 million. Founded In 1932, Alcotexa is a non-profit organization, which sets the export policy and the sale prices of exported cotton at the beginning of the cotton season.
Egypt’s cottons produce a wide range of yarn counts needed for the production of fine textiles. However, international market demand is for the LS and ELS type Giza 70 and 88. The remaining varieties have, in the past, been consumed locally, because they were considered overpriced. — (menareport.com)
© 2002 Mena Report (www.menareport.com)