Cotton price in Pakistan reaches Rs7000 per maund
The cotton price was increased after pest attack and high temperatures in the cotton fields.
ISLAMABAD (Dunya News) - Cotton price in the country reached to four month high level on fears that the overall production at the end of the season would be lower compared to earlier expectation.
Cotton price in the country increased by Rs 200 to Rs 7000 per maund, reaching to almost four months high.
The cotton price was up after pest attack and high temperatures in the cotton fields which affected the quality of the commodity.
Chairman Cotton Ginners Forum Ahsanullhaq told Dunya News from Rahim Yarkhan that the temperature in October was highest ever and affected the quality of the cotton. Moreover, pest attack also put immense pressure on cotton.
Demand from textile millers to buy quality cotton resulted bullish trend in the market, he said. There have been fears that the output of the commodity would be lessened compared to estimates at the start of the season. Though it is difficult to predict what would be the size of the production but it might be lesser than the estimates of the government state run agency.
(Story by Haris Zamir)
