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Chinese silk market soars in May; polyester weak
Jun '13
Silk and cocoon market in China soared in May 2013, while polyester market remained weak.
Raw silk market in China soared in May, mainly due to firmer purchase price of Spring cocoon and an increase in export orders received in March and April this year.
In Guangxi, the average purchase price of cocoon was around 40 yuan/kg, up about 10 percent compared with the corresponding month of last year. The average price of Spring cocoon was almost near to a record high.
On the other hand, China’s purified terephthalic acid (PTA) market showed weak consolidation in May 2013. During the month, the operating rate of downstream weaving enterprises declined, leading to a weaker polyester market.
Meanwhile, cotton prices were affected by the policies of the Chinese Government. The purchase of cotton for state reserves has ended, and the market is under control of release of cotton reserves. The future cotton price will depend on the rhythm of cotton release this month. On May 31, the price of cotton was 19,330 yuan/ton, a fall of mere 0.17 percent compared to the beginning of the month.

Fibre2fashion News Desk - China

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