Cotton price goes up due to rain

ISLAMABAD: The current rain spell interrupted cotton supply, raising cotton prices by Rs500 a maund.

The cotton picking came to a halt in Punjab and Sindh due to the torrential rains, a private news channel reported on Tuesday.

Cotton price surged to Rs6,500 a manud in Punjab while Rs6,300 in Sindh due to the dearth of cotton in the market.

Another reason for rise in cotton prices is the weakening condition of the rupee against the US dollar.

Meanwhile, some 1.5 million of cotton bales are likely to be damaged by rain.

Copyright APP (Associated Press of Pakistan), 2011