LAHORE: The rate of quality cotton in the local cotton market reached an all-time high of Rs20,000 per maund after increasing by Rs1,000 per maund.
Cotton Analyst Naseem Usman told Business Recorder that before that in 2011 the rate of cotton reached Rs14,500 per maund. He said the production of cotton this year is 7.5 million bales which is 2 million bales more as compared to last year’s production of 5.6 million bales.
He also told bullish trends remained prevalent in the international cotton market. The Rate of Future Trading of New York Cotton reached at 117 American dollars per pound which is the highest after 2011. At the moment Rate of New York Cotton is 130 American cents.
Naseem Usman further told that an unprecedented increase was witnessed in the rate of cotton worldwide especially the rate of cotton in India after increasing reached at Rs 73,900 per candy of (356 Kg) which is at the highest level in history.
According to the sources, it is expected that the rate of cotton in India may reach at the highest level of Rs 80,000 per maund.
Copyright Business Recorder, 2022