| GEO Business|
| Cotton rises by Rs100 per maund|
| Updated at: 1553 PST, Monday, March 22, 2010|
KARACHI: The cotton price soared Rs100 to Rs5600 per maund in the local market, Geo News reported Monday.
According to former member of Pakistan Cotton Ginners Association (PCGA) Ehsanul Haq, the cotton price dipped from Rs5800 to Rs5500 per maund, after the yarn exports were decided to range to the limit of 35000 tonnes monthly.
However, the price is set to rise higher, as the government assured the All Pakistan Textile Mills Association (APTMA) to widen the yarn exports limit to 45000 tonnes.
Ehsan said the cotton price jumped 3 cents to 82.10 cents per pound during the past one week trading at New York Cotton Exchange, which buoyed the cotton in the local market as well.