Cotton price increases by Rs500 per 40 kg

Rising trend in cotton prices as cotton prices increased by Rs500 per 40 kilogram, reported 24NewsHD TV channel on Friday.

After raise in price the new cotton price is Rs18500 in Punjab, while in Sindh it reached Rs17800 per 40 kilogram.

According to Chairman Ginners Forum Ihsanul Haq, the quality of cotton was affected due to continuous rains in the cotton zones which caused increase in cotton prices.

Moreover, cotton cultivation is less than the target this year, said Ihsanul Haq.

He said as the crop is affected due to rains, an increase in the trend of cotton import from abroad is being seen.

There are reports of import contracts of 1 million bales of cotton by textile mills, Ihsanul Haq said.

Reporter: Ashraf Khan