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Guangxi silk market still in stumbling mode
19
Jul '10
The cocoon and silk market in Guangxi experienced another stumbling week, but overall trend still kept rising trend, cocoon and silk prices rose amid steadiness. Offers of dry cocoon focused around 81,000-83,000 Yuan per ton, raw silk stood at 280,000 Yuan per ton.

Both sellers and buyers were more cautious, as trade volume has reduced since the last few days and the market outlook is dull.

Nearby weak contracts of cocoon and silk have been more quiet and most of them were again silent on Friday. Only dry cocoon contract 073 rose 100 Yuan to close at 82,500 Yuan per ton and raw silk contract 073 rose 1,500 Yuan to close at 298,500 Yuan per ton.

Guangxi's sixth batch of cocoon has started to enter the market in recent days. After entering July, summer silkworm cocoons in other areas will gradually arrive in markets over the country; dry cocoon price is expected to stay around 82,000 Yuan per ton.

By convention, after having experienced economic downturn in 2008 and 2009, Europe and the US will need to build inventories; their demand will at least maintain 8-9 months and at the same time, spring and summer clothing orders will be released for next year.

According to published data of textile association, from January to May this year, silk exports to the United States fell 2.66 percent year on year, while exports to other markets achieved different levels of growth, exports to Italy increased by more than 30 percent, to set the biggest increase.

Chinese exporters may encounter reduction of external demand in the fourth quarter. China's textile export situation is not very good in the second half, as exports should face triple pressures such as the RMB appreciation, higher raw material prices and the Euro crisis. The development road in front of the textile industry is still full of variables.

Fibre2fashion News Desk - China

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