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Cocoon & raw silk prices witness rally
Aug '10
Cocoon and silk markets in Guangxi continued upward momentum on August 3, showing an overall strong trend, dry cocoon saw the highest offer at 84,400 Yuan per ton, while raw silk again witnessed offers of over 300,000 Yuan per ton.

Nearby week contracts of cocoon and silk maintained relatively high level after continuous rise in recent weeks, and were still in a pendulum mode. Trade volume of cocoon and silk had reduced significantly compared with the previous day, as, downstream buyers were cautious towards procurement of raw materials.

Dry cocoon closed up by 300-900 Yuan and stood at above 83,500 Yuan per ton. Nearby week contract 081 rose 300 Yuan to close at 83,700 Yuan per ton. September contract 093 rose 800 Yuan to close at 83,800 Yuan per ton.

Contract 103 closed at 84,400 Yuan per ton to hit the highest price among dry cocoon contracts on the day. Forward month contract 033 rose 400 Yuan to close at 83,500 Yuan per ton.

Raw silk also made a collective rally between 2300-4000 Yuan on the day. Raw silk contract 083 rose 2,300 to close at 305,000 Yuan per ton. Contract 093 rose 4,000 Yuan to close at 298,900 Yuan per ton. Forward month contract 033 rose 2,900 Yuan to close at 292,200 Yuan per ton.

Cocoon and silk markets seem to be caught in a dilemma. Although trade volume of raw silk is not large, high price support is still strong. Spring cocoon production in the country is unclear, summer cocoon quality is lower, autumn cocoon has yet to take some time before it arrives into the market.

Due to which, cocoon and silk markets are expected to maintain high level movement or sharply rise by taking advantage of strong momentum. But from the view of a long term period, light trade volume suggests that textile enterprises have been facing troubles and difficulties currently.

Fibre2fashion News Desk - China

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