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Silk market witnesses high volatility
14
Jul '10
High-volatility was noticed in the silk market in Guangxi province on July 13, most contract prices fell back, ending the rapid momentum of rise seen last week.

Dry cocoon fell 100-500 Yuan / ton, while that of raw silk declined by 400-800 Yuan / ton. Dry cocoon was quoted at 81,000 Yuan / ton and raw silk stood at 280,000 Yuan / ton.

Nearby week contract-073 of dry cocoon closed at 82,000 Yuan, becoming the highest price among dry cocoon contracts. Forward month contracts fell 100 Yuan to close at 81,400 Yuan /ton.

In raw silk market, offers of several July contracts were above 295,000 Yuan / ton, creating a strong potential of touching 300,000 Yuan / ton. Nearby week contract 072 fell 1,000 Yuan to close at above 296,000 Yuan.

The most active contract 093 fell 2,300 Yuan to close at 284,000 Yuan. Forward month contract 11,033 fell 2,400 Yuan to close at 281,600 Yuan.

Currently the fifth cocoon drying progress is nearing completion in Guangxi, purchase price remains at 16 Yuan / kg or so, price of dry cocoon spot is around 90,000.

Raw silk price has strong momentum to break 300,000 Yuan / ton mark, due to uncertainty in current macroeconomic situation and support from basic supply and demand of cocoon silk.

Fibre2fashion News Desk - China

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