KARACHI, Jan 31: The cotton market on Monday shrugged off the weekend hesitancy as ginners raised their asking prices amid rumours that the visiting Chinese team is here on a big shopping list.

The rumours were given credence followed by reports that a high-powered Chinese cotton delegation will visit the Karachi Cotton Association (KCA) on Tuesday and hold talks with its board of directors on the local cotton situation.

According to market sources, Chinese team intended to buy about 2m bales of lint from Pakistan to supplement its stock position to cover the rising demand of its textiles on world markets.

There is also a loud whispering that the TCP, which has already procured 2.5m bales, may enter into a sale deal with the team, possibly on government to government basis, they said.

But reports coming from Punjab trading centres where the delegation has already held discussions with the relevant quarters indicates that prices offered by it are on the lower side of the prevailing international markets.

However, the local market heats up followed by the news as prices recovered the weekend loss of Rs25 per maund, although spinners made selective buying of fine lots, brokers said.

They said the presence of the Chinese delegation here would inspire fresh mill buying, although prices may remain stable around the current levels, as ginners would remain active buyers around below the level of Rs2,200.

Meanwhile, a section of spinners is also awaiting the arrival figures of phutti into ginneries for the fortnight ended Jan 31, as it will gave a fair idea of surplus and its impact on the prices.

It was in this background that official spot rates were raised by Rs25 per maund at Rs2,075, although some of the deals were done well above this rate. Ready offtake was light totalling about 5,000 bales, the following being some of the notable deals: 4,000 bales, Rahimyar Khan at Rs2,100 to Rs2,200; and 400 bales, Sanghar at Rs2,050.