KARACHI: The cotton rates have increased by Rs50/maund (37.324 kilograms) to Rs4,850 after demand for the commodity surged significantly in previous sessions.
The situation forced traders to pay as high as Rs5,000 to Rs5,050/maund for 400 bales at Layyah – a division where crop was affected due to floods. The rate of Rs5,050/maund was last seen some four-five weeks ago, it was learnt.
KCA reported that traders bought 18,000 bales at Rs4,650 to Rs5,050/maund as compared to 31,400 bales bought at Rs4,600 to Rs5,000/maund a day ago. The broker said trade activities may increase notably from the middle of ongoing month with production in full-swing in Punjab.
