Cotton price goes up by Rs1,500
January 4, 2023 03:54 PM
The cotton price on Wednesday went up by Rs1,500 to Rs19,500 per maund, reported 24NewsHD TV channel.
Pakistan Cotton Ginners Forum Chairman Ihsanul Haq has said that after the sharp rise in dollar and thread rate, brisk activity was also witnessed in the cotton market.
He expressed the fear that cotton production during 2022-23 is expected to be 5.5 million bales which are the lowest in country’s history.
He further said the textile mills may import up to 7 million cotton bales this year.
Arrival of 4.631 million cotton bales in ginning factories by December was 37 percent less as compared to the previous year’s, he added.
Reporter: Ashraf Khan