LAHORE: The cotton market is once again bullish as the price of white lint in Punjab touched a new high of Rs 20,000 per maund, Jee News reported on Wednesday.
According to the details, cotton in Punjab has reached the level of 20 thousand rupees per manna after an increase of 2 thousand rupees, while the price of white lint in Sindh has reached 18 thousand rupees per manna.
Pakistan Cotton Growers Forum (PCGF) Chairman Ehsanul Haque said that the main reason for the increase in the local white lint rate is the reports that the cotton production in the United States has decreased.
Meanwhile, the PCGF chairman noted that heavy rains have damaged most of the cotton zones across the country. He added that textile mill owners may ask to import 50 lakh bales of cotton amid the shortage.
It is worth mentioning here that the wheat and flour crisis has also affected the Punjab province after the crops were damaged due to floods due to heavy rains in the country.
According to sources, 0.3 million tons of wheat has been damaged in Rajanpur and Fazilpur districts of Punjab province due to floods.
Sources told Jee News that the Punjab Food Department has requested the federal government to allow the import of 10 lakh tonnes of wheat as the province is facing a shortage of wheat.
