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Machingaidze yesterday confirmed that the 2013 cotton marketing season could be a better one than last year.
“At the moment, the market is marginally up with daily quoted prices having moved from the US75 cents per pound region at the end of 2012 and fluctuating between 80c and 85c per pound at a time when the Northern countries are only readying their cotton for the market and the crops from the South are still in their vegetative stages,” he said.
The market is expected to take direction from policy in China in view of the huge eight million stockpile it is sitting on.
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“If for any reason these prices are sustained at current levels up to the time our crop is marketed, then this year may be a better marketing year than the last one,’’ he said.
To determine the local producer price for cotton, Mr Machingaidze said, the industry uses international lint prices as a benchmark.
The price was estimated because the actual price would be known at the time when the lint is sold.
Online Reporter