KARACHI, March 18: The Trading Corporation of Pakistan on Saturday sold 50,200 bales of cotton to foreign and local buyers.

According to the TCP, the corporation had accepted highest offers for 14,200 bales of grade III, 1-1/32” at 47.27 cent per pound and 2,000 bales of grade IV, 1-1/32” at 45.56 per pound.

Similarly, 29,000 bales of grade III, 1-1/32” were sold at Rs2,309 per maund and 5,000 bales at Rs2,220 per maund.

The TCP received 16 bids from foreign buyers for 37,000 bales and 34 bids from local buyers for 53,000 bales against its tender for 50,000 bales issued on March 6.

The bidding was held on March 16 and the TCP price evaluation committee had accepted highest offers. The corporation has so far sold more than 1.345 million bales of cotton, of which 1.082 million bales to local mills and 263,700 bales were exported. —APP