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Cotton prices in country increase by Rs 300

KARACHI (Dunya News) – Cotton in the country was being sold at Rs 16,150 after an increase of Rs 300 in the original price making it the highest selling price of the commodity for the ongoing season, reported Dunya News.

Pakistan Cotton Ginners Association (PCGA) Chairman Ahsan-ul-Haq stated that the price of cotton in the local market increased as a result of interest shown by various countries including Bangladesh, Indonesia and Vietnam, towards the purchase of cotton.

Moreover, the prices of cotton in international markets are also on the rise. The target of cotton production in the country for the previous year was set at 15 million bales but the target could not be met because of weather conditions, restricting the production to nine million seven hundred thousand bales.