Heavy buying in China takes futures prices past closing-levels on New York markets, creating fears of acute local shortages.
Cotton prices hit a record high both in global and local markets with Rs.7,600 per 40kg in Pakistan and 125 cents per pounds internationally.
Pakistani exporters have done the export deals of 200 tons at a rate of 120 pound per cent.
Due to the recent devastating floods, cotton production in Pakistan has reduced drastically, below than the domestic industrial needs.
However, no cotton export policy has yet been announced. Whereas contrary to it, India has put a ceiling on exports exceeding 5.5 million bales of cotton, although their production is far above than their domestic needs..
Article Source: Wall Street Journal
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