Cotton prices surge by Rs300 per maund

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KARACHI: Cotton prices in Sindh and Punjab shot up by Rs300 per maund, as the phutti supply got hit by the spate of heavy rains, Geo News reported.

Pakistan Cotton Ginners Association’s member Ehsanul Huque said that the cotton prices were seen on the rise and currently being sold at Rs6600 per maund in Sindh and at Rs6800 in Punjab because of the recent heavy rain spell across the country. He further said that some 200 ginning factories have stopped working due to non-availability of phutti.

Earlier, the growers were expecting15 million bales of cotton production, but after the devastations caused by the rains according to a preliminary estimate it is feared to fall short by 2 million bales.