Cotton prices jump to Rs21,000 per maund amid interest rate cut hopes

MG News | January 25, 2024 at 10:29 AM GMT+05:00

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January 25, 2024 (MLN): Cotton spot rate rose to Rs21,000 per maund, witnessing a sharp increase of Rs1000 in a day compared to Rs20,000 per maund yesterday.

Recent days have seen cotton prices escalate sharply, with the price surging by Rs3000 per maund in the last 3 weeks.

Ahsanullah Haq, the Chairman of the Cotton Ginners Forum attributed this drop to the anticipation of a reduction in interest rates after yesterday’s MTB auction.

Moreover, cotton prices are rising globally, posing difficulties for importing raw cotton. International cotton futures (CT1) are up 5.57% this month to $85.51 per lb.

The continuously low temperature is also causing problems for farmers in sowing cotton.

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