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Cotton prices shoot up to historic high

Cotton prices shoot up to historic high

LAHORE: Cotton prices have shot up in Pakistan to a historic high in response to rising dollar value and low local production.

According to the details, cotton has reached a level of 14,100 per maund after a Rs200 increase in the past few days, which the ginners say is a reaction of delayed imports of cotton bales and dollars flight in recent days.

Pakistan Cotton Ginners Forum (PCGF) Chairman Ihsan ul Haq said that locally produced cotton is being consumed with heavy orders while the imported orders are being delayed.

“In Punjab, after Rs300 increase per maund, the prices have reached Rs14,300 that is the highest rate of the commodity so far,” he said.

However, the official also claimed that it is likely the country will produce 10 million bales since weather conditions seem to be in favor of the cotton crop.