Weather conditions in Pakistan are expected to have a positive effect on cotton production in coming days. Cotton production is expected to rise nine per cent in the international market and 28 per cent in Pakistan.
The Food and Agricultural Ministry set a target of 15 million bales of cotton to be produced this year. The production target will almost certainly influence cotton prices in the near future. Cotton was sold at $2.43 a pound in the international market last year, while it price touched the record height of Rs13,000 a maund in Pakistan during the last fiscal year.
The expected price of cotton in the international market this year is expected to be around $1.25 a pound. Current cotton prices are around Rs 8,700 a maund.
