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Related Keywords: China cotton reserve auctions, cotton cultivation, Cotton market, Cotton prices recover, government announce a comprehensive cotton policy, official spot rate recovered majorly, PCGA, ready business, save textile industry, short supply position, spinner indulged in forward buying

With spinners getting indulged in forward buying amid short supply position, prices recovered on the cotton market on Friday, dealers said. In the ready business, around 5000 bales of cotton changed hands between Rs 4500-6000 while in the Punjab, prices showed no change at Rs 3100 and Rs 3400. The official spot rate recovered majorly from Rs 100 to Rs 5,650.

Related Keywords: Agriculture Minister Essam Fayed, allocated 300 million EGP, buy total cotton crop production, Eyptian government, long staple cotton, medium and short staple cotton, permitted to import cotton into Egypt, protect cotton cultivation, save textile industry

The Eyptian government to protect cotton cultivation has allocated 300 million EGP to buy the total cotton crop production during this season, Agriculture Minister Essam Fayed said.

This season so far about 200 million kilograms of cotton were produced. The government will pay each farmer 1,100 EGP ($170) for a quintal (100kg) of cotton grown in Upper Egypt and 1,250 EGP per a quintal of long staple cotton grown in the Delta.