Dry cocoon and silk prices in Guangxi market fell on August 12. Except nearby week dry cocoon contract 083, all other contracts declined in a range of 400-900 Yuan / ton. Raw silk contracts dropped across the board, after a steady increase for several days.
The rising momentum in the dry cocoon as well as raw silk market has started to ease. In recent days, raw silk prices had touched a high of 310,000 Yuan / ton, but both the commodities now seem to be running out of steam.
In the dry cocoon market, nearby week contract 083 rose 200 Yuan to close at 84,200 Yuan / ton, contract 093 fell 400 Yuan to close at 84,300 Yuan / ton, contract 10103 fell 500 Yuan to close at 84,500 Yuan / ton, forward month contract 11033 fell 900 Yuan to close at 83,800 Yuan / ton.
The market has been at low ebb for a long time. Forward month contract 11033 retreated from 84,000 Yuan to 83,800 Yuan. The market will not see any major changes before autumn cocoon comes into the market.
In the raw silk market, nearby week contract 083 fell 1200 Yuan to close at 307,500 Yuan / ton, contract 093 fell 1700 Yuan to close at 306,300 Yuan / ton, contract 10103 fell 100 Yuan to close at 302,500 Yuan / ton and forward month contract 11033 fell 2700 Yuan to close at 297,000 Yuan / ton.
Spring Cocoons hit 310,000 Yuan / ton, much beyond market expectation, but the price is very close to the limit of this year,
Spot dry cocoon was offered at 90,000 Yuan, but no deal was reached. Spot raw silk was offered at 315,000 Yuan, but no deal reached, either, as there was a wide psychological gap between sellers and buyers in spot market.
Fibre2fashion News Desk - India
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