Cotton price increases by Rs500 per 40kg

The price of cotton has increased by Rs500 per 40 kilogram in the local markets, reported 24NewsHD TV channel on Wednesday.

Chairman Cotton Ginners Forum Ehsan-ul-Haq says that as the cotton crop was severely damaged by the rains which affected both quantity and quality of cotton.

He said textile mills started importing cotton on a large scale after damage to cotton crop and there are reports of more than one million bales of cotton being contracted.

There is also an upward trend in cotton prices and the price of cotton has increased by Rs500 per 40 kg and after recent rise in prices, cotton prices in Punjab have reached Rs19000 per 40 kg while the price of cotton in Sindh has reached Rs18500 per 40 kg, Ehsan-ul-Haq said.

Reporter: Ashraf Khan