Cotton price at fresh all-time high

Cotton prices hit a record high both in global and local markets, reaching Rs 9,000 per maund in Pakistan. Indian traders have stopped export of cotton to Pakistan. According to Ginners Association Executive Member Ehsanul Haq, rise in cotton prices at international markets caused surge locally. US cotton futures finished Tuesday at a fresh all-time high on worries over tight supplies and an overnight surge in China's cotton prices. Cotton rose more than 20 percent in October and is up nearly 85 percent since the beginning of the rally in July.