Cotton prices in Pakistan pushed to an 11-year high Wednesday because of a decline in production.
Cotton traded at Rs12,000/maund, while its spot rate moved up to Rs11,700/maund, Karachi Cotton Brokers Forum Chairperson Naseem Usman was quoted as saying by the Geo News.
This is the highest price in the history of cotton trade in Pakistan.
An increase of Rs400 was recorded in the spot rate. Usman cited production shortfalls as a reason for the price increase.
Prices also remained higher in the international market. New York Cotton Futures recorded an increase of 10 cents to 94 cents per pound, which was also a higher level in several years.