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Spot rate of cotton reaches record high
09
Nov '10
As the spot rate of cotton touched Rs 10,000 per maund level, it reached a record high on 8th November when cotton was traded at Rs 10,600 per maund in the upper Sindh region.

Pakistan is expected to experience a deficit in the production of cotton and it is likely to be about 2.1 million bales in the current cropping season. Besides the country is currently witnessing highest cotton prices owing to India's denial to export 550,000 bales of cotton to Pakistan and New York highs.

Markets in Punjab continued to lead as 20,000 bales of cotton were traded there whereas markets in Sindh got the highest price for cotton during the trade.

Textile and spinning industry merged their long standing in the market and bought lints of all grades on cutthroat prices whereas ginners having fine lint stayed firm on their asking rate.

The influx of cotton seed remained stable in Sindh as well as Punjab markets. The cotton seed price soared by Rs 500 per maund in one day to touch Rs 5,000 per maund mark on 8th November.

Fibre2fashion News Desk-India

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