KARACHI (Azhar Ali Khan): Skyrocketing cotton prices breached another fence of Rs5,300 per maund level in late Saturday trade, ARY News reported.Senior traders said that domestic cotton prices surged further by Rs100 per maund and set another all-time high of Rs5300 per maund on the back of hefty buying by textile mills and the exporters.
The cotton has become costlier by Rs2000 per maund in last eight months.
“Some 400 cotton bales of Deharki (Sindh) have been finalized at the rate of Rs5300 per maund,” said a senior cotton trader Naseem Usman.
“Textile mills and the exporters are buying cotton in bulk in anticipation of its shortage during March-July this year,” he added.
“I am sure, this uncontrolled price rally will hit Rs5,500 per maund mark in near future,” he added.
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