Fall in Cotton Production Pushes Prices to 11-Year High propakistani.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from propakistani.pk Daily Mail and Mail on Sunday newspapers.
KARACHI: Raising concerns over the declining production, officials at Karachi Cotton Brokers Forum on Friday appealed to the government to spin into action to save the crop before it was too.
Business
January 10, 2021
KARACHI: Cotton prices in the local market hit a 10-year high of Rs11,000 per maund (40kg) in the week, mostly because of decreasing production and rising demand, while import orders for 4.2 million bales have also been finalised, traders said on Saturday.
Dealers said due to a decline in production, millers kept buying in the market, whereas ginners remained interested in selling because of favourable prices. Cotton rates increased Rs400 to Rs500/maund. In addition, prices of cotton yarn ad polyester also increased in the market.
High quality cotton rates increased to Rs11,000 per maund, which is the highest level in the last 10 years. Earlier, prices had crossed this level in 2010-11 when there was huge demand from China and rates reached Rs14,000 per maund. The prices around the world had also increased to abnormal levels in that year.