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Rally in cocoon & silk prices cools down
28
Jul '10
After raw silk broke through 300,000 Yuan mark last week, the rally in cocoon and silk market cooled down, due to lack of support from transactions, and no improvement of external environment.

In recent days, the trade volumes of cocoon and silk do not justify the rising prices and the market is increasingly deserted with trade volumes dwindling.

Dry cocoon prices fell across the board on July 26. Some contracts were unable to stabilize at 82,000 Yuan / ton. Dry cocoon contract 083 fell 600 Yuan to close at 82,200 Yuan / ton and the most active contract 093 fell 600 Yuan to close at 82,200 Yuan / ton.

Contract 10103 fell 1,700 Yuan to close below 82,000 Yuan and forward month contract 11033 fell 1,200 Yuan to close at 82000 Yuan / ton.

After raw silk broke through 300,000 Yuan mark last week, its market performance was not up to expectation, as the market sustained and wavered within 300,000 Yuan range, its upward momentum was blocked.

The market closed at 300,000 Yuan on July 26, but trade volume was only 4 lots without any orders, which portends bad prospects. Contract 083 fell 2,200 Yuan to close at 29,700 Yuan / ton.

The most active contract 10093 fell 2,100 Yuan to close at 289,000 Yuan / ton, contract 10103 fell 1,800 Yuan to close at 287,000 Yuan / ton; forward month contract 11033 fell 2,200 Yuan to close at 284,600 Yuan / ton.

By observing the market trend in recent times, cocoon and silk prices are expected to continue high-level fluctuations in the short term and may undergo a slight decline.

Fibre2fashion News Desk - China


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