MULTAN,Feb 12th:Pakistan Cotton Ginners Association President Abdul Rasheed Khan said that Cotton prices soared to an all-time peak of Rs5,060 per maund in the local market. In a press statement he said that Farmers and ginners had earned fair return of their produce this year by availing the free-trade mechanism under WTO regime. While spinners also got considerable profit by exporting the cotton yarn in international market. He said that per maund price of cotton was Rs.3,300 in the domestic market at the beginning of the season, however, reduction in cotton production on international level forced prices to go up in the local market.Market experts said decline in stock and rise in demand at the end of the season is the basic reason of price hike. Three million bales required to be import to cater domestic needs among which 800,000 bales have been imported so far, they added.