The sudden rise in demand in the intentional market increased the US cotton price by 12-15 cents per pound within fifteen days. AFP/File
KARACHI: Massive fall in cotton production pushed spot rates to an 11-year high of Rs11,700 per maund in the domestic market, the Karachi Cotton Association said on Wednesday.
The sudden rise in demand in the intentional market increased the US cotton price by 12-15 cents per pound within fifteen days.
Brokers said cotton from Balochistan as well as bales imported from Afghanistan are being sold at Rs13,000 per maund.
Over the last ten years, the cotton crop has seen a sharp decline in production, yield and area of cultivation.