The cotton prices in the domestic market have started increasing soon after the Trading Corporation of Pakistan (TCP) have been directed to purchase 1 million cotton bales by the Prime Minister, Syed Yousuf Raza Gilani. Market sources told Business Recorder here on Thursday that on December 20, Prime Minister directed TCP to start purchasing cotton so that the growers could be protected from further exploitation by the textile mill owners.
"Soon after the directive by the Prime Minister, the price of cotton in the local market increased from Rs 4900/mound to Rs 5100/mound while that of phutti, it showed an increase of Rs 100-150 and now phutti is being sold at Rs 2500-2600 per mound in the domestic market", sources added. It is being hoped that the cotton growers will get the handsome return of their crop that would pave way for a better output in the next crop season 2012-13.
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