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Raw silk market in deadlock
05
Jul '11
Raw silk market was deadlocked with sharp volatility in price and most contracts declined.

The nearby raw silk week contract appeared deserted and closed at 376,000 Yuan per ton; contract 11083 rose 7,600 Yuan to close at 364,400 Yuan per ton and contract 11093 rose 200 Yuan to close at 351,800 Yuan per ton. Contract 12033 rose 800 Yuan to close at 335,400 Yuan per ton.

The market is more likely to move in wide fluctuation in the short term. But industry people point out that demand from India and the world still exists.

Dry cocoon market fell across the board on July 4, except contract 12033, which rose 1,400 Yuan per ton. The nearby week contract 11071 of dry cocoon fell 3,900 Yuan to close at 114,500 Yuan per ton.

Contract 11072 was offered at 113,500 Yuan per ton, contract 11073 fell to the down-limit and closed at 104,400 Yuan per ton.

The most active contract 11093 fell 27,000 Yuan per ton to close at 109,300 Yuan per ton. Forward contract 12033 rose 1,400 Yuan to close at 112,400 Yuan per ton.

Fibre2fashion News Desk - China

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