Cotton price rises to Rs18, 600 per 40kg

KARACHI:After a hike of Rs300, the cotton price has surged to Rs18, 600 per mound in Punjab while Rs18, 200 in Sindh on Thursday. Cotton Ginners Forum (CGF) Chairman Ehsanul Haq linked the rise in cotton price to hike in dollar’s rate and Trading Corporation of Pakistan’s (TCP) decision to purchase cotton. Ehsanul Haq said that incidents like Jaranwala may affect the GSP Plus status granted to Pakistan by the European Union.

In Jan 2023, cotton price was raised to Rs 5,000 per maund in Sindh. A sharp rise in cotton prices emerged due to last year’s devastating floods in Pakistan, concerns about trade barriers in India and skyrocketing inflation which has drived the prices of almost all commodities, particularly oil, gas and power.