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Egyptian Pashas Tighten Grip on Cotton Market
In Alexandria on June 14 two Egyptian pashas were accused of cornering the cotton market, risking potential profits around 28 million dollars as Ashmouni cotton prices surged nearly 100 percent in three months. Critics noted delayed deliveries, a government retroactive order, and job losses as mills dumped holdings awaiting lower prices. futures for June and August deliveries moved lower after a market halt.
MENTIONED IN THIS ARTICLE
Alexandria
Egypt
Hamed Farghali Pasha
Ali Yehia Pasha