Cotton domestic prices at 18 months’ lowest

KARACHI: Cotton domestic prices have nosedived to its 18 months’ lowest due to a slump in the international market and enhanced production.

Cotton prices in the domestic markets plummeting by Rs400 pegged at Rs6000 per maund, which is 18 months’ lowest.

Cotton production this year as compared to previous year surging by 4 million bales expected to be around 15 million bales. Previous year’s cotton production had remained at 11 million bales.

Cotton price four months ago was at Rs14000 per maund, which due to enhanced production and slump in the international markets came reeling down to even lower than a half.