Domestic cotton inches up to Rs5775/maund

KARACHI (Azhar Ali Khan): Increasing cotton prices on Monday inched up further by Rs25 to Rs5775 per maund on hefty buying by the textile sector, traders said.

Ginners of Rahim Yar Khan and Sadiqabad informed the channel that they have sold some 600 cotton bales at the rate of Rs5775 per maund.

“Everyone knows that a short supply of cotton would be witnessed between March-June and this is the prime reason of hefty buying and swelling price bubble,” said a senior member of All Pakistan Textile Mills Association (APTMA).

The cotton prices have shot up by Rs2475 per maund during this season, raising eyebrows of all the stakeholders across the board.