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Raw silk market continues to decline
11
Oct '11
Raw silk market continued to decline on the second trading day after the Chinese National Day holidays. The price of raw silk plummeted to 300,000 Yuan/ton on October 9. Even the news of silk purchase for State Reserves was unable to stimulate the market.

The price of nearby week contract 102 fell 6500 Yuan to close at 309,500 Yuan/ton, while forward month contract 033 dropped 2500 Yuan to close at 300,000 Yuan/ ton on October 9. However, there was an increase in both trade volume and the number of orders on the day. Total trade volume registered was 322 lots and total orders were 1413 lots.

The price of dry cocoon was 95,000 Yuan/ton. The nearby week contract 102 increased 200 Yuan to close at 87,500 Yuan/ton, while 2012 contract 033 rose 400 Yuan to close at 96,500 Yuan/ ton. Total trade volume was 78 lots and total orders were 263 lots, both showing an increase.

Chinese silk market has been witnessing an overall declining trend since July this year, due to lack of demand from downstream market. Chinese market heavily depends on silk exports, which have sharply fallen this year.

The slump in Chinese raw silk export is due to insufficient demand from global markets, as economic recovery in major consumers of Chinese silk products like Europe, Japan and other countries and regions is slow.

Fibre2fashion News Desk - China

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