Cotton hits another peak of Rs4,900 per maund

KARACHI (Azhar Ali Khan): Cotton prices on Friday set another all-time high record of Rs 4,900 per maund across the country on hefty buying, ARY News reported.

Senior cotton traders say the high-quality cotton prices witnessed a further increase by Rs200 per maund in a single-day trade.

“Ginners of Punjab have sold some 10,000 prime-quality cotton bales at the rate of Rs4900 per maund on Friday,” said a senior member of Pakistan Cotton Ginners Association (PCGA), Punjab Circle.

“Cotton prices are marching towards Rs5,000 per maund level,” tipped a leading Karachi-based cotton exporter.

He said cotton is in great demand these days as the textile sector and the exporters are aggressively squaring their positions from an upcoming inflationary pressure.

“Shortage of cotton in the world’s markets have forced foreign buyers to book another smart chunk resulting in escalation of prices,” said another exporter.

“The non-stop international export orders have forced us to hedge positions amid this price rally,” he added.