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Cotton prices in Pakistan pushed to an 11 year high
KARACHI: Cotton prices in Pakistan pushed to an 11-year high on Wednesday because of a decline in production.
Cotton traded at Rs12,000/maund, while its spot rate moved up to Rs11,700/maund, Karachi Cotton Brokers Forum Chairperson Naseem Usman was quoted as saying.
This is the highest price in the history of cotton trade in Pakistan.
An increase of Rs400 was recorded in the spot rate. Usman cited production shortfalls as a reason for the price increase.
Prices also remained higher in the international market. New York Cotton Futures recorded an increase of 10 cents to 94 cents per pound, which was also a higher level in several years.
Cotton production in Pakistan has been recorded at 5.6 million bales only, which was the lowest level in 30 years, against mill consumption of around 15 million bales.
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