Cotton price rises by Rs700 per 40 kg
The amount of cotton received by members of Pakistan’s ginners’ association (PCGA) is down 24% from last year, according to a report published earlier this month. photo: file
A trend of extraordinary growth in prices of cotton and phutti (raw cotton) has developed as in just two days cotton rate has increased by Rs700 per maund (40 kg).
It has triggered a wave of happiness among farmers with expectations prices will go up further in the next couple of days.
Commenting on the price surge, Cotton Ginners Forum Chairman Ihsanul Haq said that owing to a continuous rise in the dollar value against Pakistani rupee and an unexpected slowdown in arrival of phutti from farms, a strong upward trend was being seen in prices of cotton.
He said that the quality of cotton was in line with international standards in the wake of excellent weather conditions in Pakistan this year and reduction in environmental pollution due to less cultivation of sugarcane in cotton zones.
Pakistani textile mills have purchased cotton in large quantities.
A foreign firm is also buying a big quantity of cotton, which is a factor behind the surge in cotton prices.