Cotton prices extended weekend losses on the week's opening session as ginners indulged in panic selling, brokers said. The official spot rate of grade 3 cotton was unchanged at Rs 1875 without upcountry expenses. In Punjab, cotton prices fell to Rs 1775-1850/75, dealers said. In Sindh cotton prices followed suit and were down modestly at Rs 1675-1850.
Seed-cotton prices were down at Rs 700-825 in Punjab and in Sindh it was available at Rs 800-810.
Brokers said that despite TCP's continued buying, the prices were falling on higher cotton production expectations. They observed that ginners were indulging in panic selling and have started accepting offers even lower than the production cost.
Exporters and spinners were buying but were still hoping that prices would come down further after the issuance of Pakistan Cotton Ginners Association (PCGA) fortnight figures report this week.
Following were deals reported: 1000 bales from Uch at Rs 1875-1925, 1000 bales from Muridwala at Rs 1900; 1000 bales from Alipur at Rs 1900; 400 bales from Okara at Rs 1850; 600 bales from Mian Chunnu at Rs 1875; 6000 bales from Rahimyar Khan at Rs 1850-1935; 400 bales from Johl at Rs 1750; and 1000 bales from Sanghar at Rs 1750.

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The KCA Official Spot Rate for Local Dealings in Pak Rupees
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FOR BASE GRADE 3 STAPLE LENGTH 1-1/32"
 MICRONAIRE VALUE BETWEEN 3.8 TO 4.9 NCL
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Rate           Ex-Gin     Upcountry    Spot Rate Ex-Karachi
for            Price                        Sales Tax @ 15%
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37.32 Kgs      1875.00        50                    1925.00
Equivalent-------------------------------------------------
40 Kgs         2009.00        50                    2059.00
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