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Pakistan Reports Surge in Cotton Prices

25 August 2014

PAKISTAN - Price of cotton bounced back by Rs.100 per maund (37.324 kilograms) to Rs.5,600 per maund at the local open markets, as the demand for the commodity remained high, a dealer said last week (Thursday, 21 August).

"Gap between demand and supply of cotton may push price further up to Rs.5,700 per maund in the next 24 hours," Taqi Abbas, a broker at the Karachi Cotton Exchange, said.

"Uncertainty on the political front (in Islamabad) is convincing several buyers to pay higher prices for the commodity, while it used to remain high-time for buying the commodity during August to October."

Traders exchanged a total of 15,200 bales at Rs.5,350 to Rs.5,500 per maund as compared to 12,000 bales traded at Rs.5,450 to Rs.5,600 per maund a day ago, the Karachi Cotton Association (KCA) reported.

The News reports that meanwhile, the KCA kept its cotton spot rate unchanged for the second working day at Rs.5,400 per maund.

TheCropSite News Desk

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