Cotton prices surge as international production decreases

Cotton prices stared increasing internationally after the news of lesser production than the total estimates. Per 40 kg price exceeded 8000 rupees in the New York cotton exchange.Local cotton prices also witnessed an increase after the international increase.Per 40 kg price of cotton went up by 100 rupees in the local markets to reach 7200 rupees in Punjab and 7300 in Sindh. A week ago, the international cotton prices were less than that of the local prices. However bullish trend was seen after the reports of reduced cotton production by American Agriculture Department.