Cotton hits all time high of Rs4700 a maund

KARACHI (Nida Siddiqui): Domestic cotton prices hit another all-time high of Rs 4700 per maund on aggressive buying by the textile sector and the exporters, ARY News reported Saturday.

“Fresh deals of some 5,000 bales of Faqeer Wali and Haroonabad (Punjab Region) were finalized Saturday morning at the rate of Rs4700 per maund,” an office bearer of Pakistan Cotton Ginners Association (PCGA) Punjab Circle told the channel.

He said that the cotton prices were increased by Rs200 per maund in a single day trade, indicating textile sector and exporters are in hurry to hedge positions ahead of another price rally.

“World-wide crop shortage has pushed us to export cotton and bag smart profits,” said a Karachi-based exporter.

He said that yarn and cotton exports from the country are gaining momentum and some one million cotton bales’ deals have been obliged in last four months.

“China, India, Bangladesh and some other countries are busy in hefty buying of cotton and yarn from Pakistan these days,” said a senior member of Pakistan Cotton Ginners Association (PCGA).