Cotton prices hit record high

Cotton prices hit a record high both in global and local markets with Rs 8,800 per 40kg in Pakistan. According to Ginners Association Executive Member Ehsanul Haq, rise in cotton prices at international markets caused a Rs300 surge locally. In international markets, the prices rose to 149 cents per pounds with 33 percent raise. Due to the recent devastating floods, cotton production in Pakistan has reduced drastically, below than the domestic industrial needs.