An abnormal downward trend in cotton price was recorded in market as rate decreased by Rs1500 per 40 kg in two days, reported 24NewsHD TV channel on Thursday.
According to Cotton Ginners’ Forum after decrease of Rs1,500, new rate of cotton is Rs17,500 per 40 kg in Punjab while Rs16,900 per 40 kg in Sindh.
Due to the increase in the price of electricity, demand of cotton has decreased due to textile mills being inactive, said Chairman Cotton Ginners’ Forum Ehsanul Haq.
He said a record decreasing trend has emerged in cotton prices in local market and in the world market as well.
The effects of reduction in cotton prices in the world market are also being seen in Pakistan, Ihsanul Haque said.
Reporter: Ashraf Khan