Cotton prices hit fresh high

Cotton prices hit a record high both in global and local markets with $1.29 rise in New York market.Rates of cotton in Pakistan also shot up as a maund was being sold at Rs8,500 with an addition of Rs 100. Cotton was up by 30 percent in the international market in a month. Due to the recent devastating floods, cotton production in Pakistan has reduced drastically, below than the domestic industrial needs.