As per news reports from Cotton Exchange, cotton prices in Pakistan fell by Rs 200-300 per maund.
According to the Pakistani Cotton Ginners Association (PCGA), cotton prices have fallen in both Punjab and Sindh and are currently selling at 13,900 and 13,700 per maund.
According to the chairman of the PCGA, the downward trend is marked by the stagnation of the world market.
Earlier in February, the Pakistani Cotton Ginning Association (PCGA) warned in its cotton shortage report, saying that the country’s cotton production fell 34.35% to 5.571 million bales as of January 31, up from 8.487 million bales produced in the same period last year. of the year. year.
Low cotton yields and a ban on cross-border cotton imports led to higher prices for cotton yarn, and textile exporters had to pay higher prices for raw materials.
Years of bad weather, pest attack, and improved profitability of other crops have wreaked havoc on the quality and quantity of the crop. Damage is on the rise, with production expected to fall to its lowest level in nearly three decades this fiscal year.