KARACHI (Azhar Ali Khan): Domestic cotton price on Thursday breached all previous records as it hit Rs 5,000 per maund mark for the first time in the history, ARY News reported. Senior traders told the channel that high-quality cotton prices were raised further by Rs50 to Rs 5,000 per maund level – a landmark that was being expected.
“Ginners of Dherki and Rahim Yar Khan sold some 5,000 bales of prime-quality cotton at the rate of Rs5,000 per maund today (Thursday),” said a senior cotton trader.
“Textile mills and the exporters are booking the commodity in bulk these days,” said another cotton broker.
“In fact, they (textile millers and exporters) are hedging themselves from an upcoming inflationary pressure, as prices are expected to jump further in the short-term,” he observed.
“The next destination of cotton is Rs 5,100 per maund level, however, some technical correction is also anticipated in the days to come,” he said.
“Shortage of cotton in the world’s markets have forced foreign buyers to book another smart chunk of Pakistan’s crop, consequently the prices are escalating,” said an exporter.
“The non-stop international export orders have forced us to hedge positions amid this price rally,” he added.
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