The spot rate of cotton hit a historic high when deals changed hands at Rs 10,500 per maund in upper Sindh while spot rate reached Rs 10,000 per maund mark. Cotton prices have seen Rs 1500 increase during last week. The country is witnessing highest ever prices on the back of New York highs and Indian refusal to mature 550,000 bales deals --- whereas shortfall in cotton production is likely to be around 2.1 million bales this crop season. Punjab stations remained volume leader as more than 20,000 bales changed hands while Sindh stations fetched highest ever price during the trading session. In the domestic market, deals matured above Rs 10,650 per maund irrespective of grade while fine lint that remained a rare commodity.
