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Raw silk prices touch new highs
18
Aug '10
Most dry cocoon and raw silk contracts closed higher in Guangxi market on August 17, high-level operation continued to be stable. Dry cocoon trading witnessed mixed reactions on the day, nearby week contract 083 significantly fell for two consecutive days after it closed at 88,500 Yuan last weekend.

Other contracts rose slightly and mainly above 84,000 Yuan. Most transactions of raw silk contracts were reached at high level, actual trade volume greatly improved compared with previous days, offers of several raw silk contracts maintained above 300,000 Yuan, the highest reached 312,000 Yuan, and crossed the previous high.

Currently overall dry cocoon market is maintaining relatively stable trend; prices are still running at high level. Mid-term contracts of dry cocoon were active on the day, nearby week contract 083 fell 4200 Yuan to close at 82,500 Yuan, while other dry cocoon contracts stabilized at 84,000 Yuan.

The most active contract 093 rose 500 Yuan to close at 85,000 Yuan, forward month contract 11033 rose 400 Yuan to close at 84,700 Yuan.

Raw silk prices increased for two days. Nearby week contract 083 rose 2,000 Yuan to close at 312,000 Yuan on the day, to set another new high, contract 093 rose 200 Yuan to close at 309,600 Yuan, forward month raw silk contract 11033 rose 2,700 Yuan to close at 306,000 Yuan.

A meeting of National Silk Industry and the Development Summit of Western China Silk Industry concluded last week, but the impact is not obvious on the market, cocoon and silk market is expected to maintain strong momentum before macro control policy is implemented and before the policy really plays a role over the market.

Fibre2fashion News Desk - China

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