Cotton hits historic high

The international as well as the local cotton prices hit a record high, Dunya News reported on Sunday. The local price of the commodity reached 10,000 rupees per 40 kg. After the international increase in prices, the local price of cotton also experienced an increase of 500 rupees. On the other hand per bale of cotton witnessed an increase of 100 rupees per 40 kg to become 4400 rupees. According to the sources after the increase in the international price of the commodity, the Indian traders have refused to deliver the pledged quantity of the commodity on previous reduced rates. Consequently local markets are also witnessing an increase in the price of cotton.