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Guangxi cocoon output shrinks
23
Jul '08
According to statistics released for the first half of 2008, the sericulture industry seems to be stable in the silkworm rearing areas of Guangxi, though output has reduced compared to the same period of last year.

As of June end, area under mulberry rearing is 2.0179 million mu (1 hectare = 15 mu), basically a flat growth rate compared with last year. Cocoon purchase prices remained stable, though seed distribution and cocoon production were lower than last year.

For the first six months of 2008, seed distribution was 2.7189 million pieces, down by 10.08 percent from last year and total cocoon purchases was 87,300 tons, a year-on-year decrease of 3.72 percent.

Guangxi is China's largest cocoon production province in terms of volume and output has reduced for the first time since the implementation of the project “shifting sericulture from east to west".

The market reacted predictably on hearing news of reduction in output. Dry cocoon prices for August contracts rose by as much as 100-300 Yuan for different qualities. GJ08074 rose 100 Yuan to close at 46,100 Yuan; GJ08075 increased by 300 Yuan to touch 46,600 Yuan; GJ08081 climbed by 200 Yuan to reach at 46,500 Yuan.

Raw silk contracts though received a mixed reaction. SS08074 closed at 186,500 Yuan, and was trading between 186000-186500 Yuan from last week.

Fibre2fashion News Desk - China

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