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Cotton market opens

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By Chimwemwe Mangazi:

The country’s cotton markets opened Thursday, with the crop trading at minimum of K370 per kilogramme (kg).

The markets are expected to run for 90 days.

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Addressing journalists in Lilongwe, Cotton Council of Malawi Executive Director, Cosmas Luwanda, said the council was upbeat that farmers would make the most of the commodity.

Luwanda said the minimum price was arrived at following thorough consultations with stakeholders.

On the international market, cotton lint prices have declined from $0.88 per to $0.77 per kg.

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Estimates show that cotton production has increased this year to 24,000 metric tonnes as compared to 15,000 produced last year.

Luwanda said the industry was anticipating that the country would produce over 40,000 metric tonnes but the crop was affected by heavy downpour in some parts of the country.

“To ensure proper enforcement of regulations, 197 marketing posts have been designated across the country at which seed cotton is going to be traded,” Luwanda said.

Cotton lint exports fetched K10 billion last year.

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