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Raw silk prices touch historic highs
26
Aug '10
Cocoon and silk in Guangxi market extended gains from the last week. The markets were still moving up crazily in the current week. Both cocoon and silk closed higher, dry cocoon contracts increased between 300-2500 Yuan / ton, while raw silk contracts increased from 7500-11,000 Yuan / ton, showing very strong market conditions. Among them, raw silk contract 093 rose 8500 Yuan / ton to close at 330,000 Yuan / ton, to set another new high.

Dry cocoon contract 092 rose 300 Yuan / ton to close at 85,300 Yuan / ton, contract 093 rose 400 Yuan / ton to close at 85,500 Yuan / ton, contract 10103 rose 500 Yuan / ton to close at 85,800 Yuan / ton, contract 10113 rose 2400 Yuan / ton to close at 83,800 Yuan / ton and contract 10123 rose 2500 Yuan / ton to close at 84,500 Yuan / ton.

Contract 11033 rose 900 Yuan / ton to close at 85,900 Yuan / ton, to set the highest contract price in dry cocoon market. Contract 11053 rose 2400 Yuan / ton to close at 81,400 Yuan / ton.

Raw silk contract 084 rose 11,000 Yuan / ton to close at 321,000 Yuan / ton, contract 093 rose 8500 Yuan / ton to close at 330,000 Yuan / ton, and set another new historic high in raw silk market. Contract 10103 rose 9200 Yuan / ton to close at 317,400 Yuan / ton and contract 10113 rose 7500 Yuan / ton to close at 319,000 Yuan / ton.

Contract 10123 rose 9200 Yuan / ton to close at 314,500 Yuan / ton, contract 11013 rose 9200 Yuan / ton to close at 314,500 Yuan / ton, contract 11033 rose 7500 Yuan / ton to close at 321,500 Yuan / ton and contract 11053 rose 8500 Yuan / ton to close at 290,600 Yuan / ton.

Looking from the view of recent market trend, favorable news has been wantonly trumpeted, while traders are turning a blind eye to many existing bad news. The industry believes that current increase in cocoon and silk prices are supported all by bubbles and the bubble will burst in the near future, after which prices will slide down.

Fibre2fashion News Desk - China

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