As cotton prices increased by Rs200 to Rs300 per 40 kilogram and after such increase cotton prices have reached Rs17,000 per 40kg, reported 24NewsHD TV channel on Friday.
According to Cotton Ginners Forum Chairman Ehsa-ul-Haq, cotton supply is facing a shortage due to rains.
Chairman Cotton Ginners Forum Ehsan-ul-Haq said cotton prices are rising due to the continuous increase in the value of the dollar. The end of sales tax exemption on imported cotton and yarn under EFS is also a major reason for the increase in cotton prices, Ehsan-ul-Haq said.
He said that continuing rains may damage the cotton crop.
Reporter: Ashraf Khan