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Cocoon & raw silk trends continue to flare-up
03
Sep '10
Dry cocoon and raw silk markets in Guangxi were very active on September 2, showing desire to break recent sideways pattern. Dry cocoon rose 100-300 Yuan per ton, raw silk prices too increased across the board, with the maximum rise up to 9000 Yuan per ton.

Both trade volume and positions expanded. Dry cocoon retained the price of 85,000 Yuan per ton on the day, while the highest price hit 86,000 Yuan. Raw silk collectively approached 330,000 Yuan per ton, trade volume of forward contract 11033 enlarged.

Dry cocoon contracts continued their recent smooth performance; prices gradually rose to 85,000 Yuan per ton. Nearby contracts were flat, nearby week contract 091 was quoted at 86,000 Yuan, contract 093 rose 100 Yuan to close at 85,800 Yuan per ton and contract 11033 rose 200 Yuan to close at 86,000 Yuan.

Raw silk contracts rose sharply across the board on the day. Nearby week contract 091 rose 6000 Yuan to close at 329,000 Yuan, contract 092 rose 9000 Yuan to close at 329,000 Yuan, or up 2.81 percent. Nearby main contract 093 set another new high by increasing 56,000 Yuan to close at 332,000 Yuan and forward main contract 11033 rose 6,400 Yuan to close at 323,700 Yuan.

Autumn cocoon has already come into markets in Guangxi and Yunnan and it has been reported that, pod price is the same as the spring cocoon price and was quoted at 32 Yuan / kg. High pod purchase prices have driven spring cocoon and silk prices to high level, in addition, spring cocoon yield is less than expectation.

Cocoon and silk prices have increased all the way up this year. Autumn cocoon market performance will directly determine next trend of cocoon and silk markets. Market reactions are expected to be more dramatic in the future on receipt of positive news.

Fibre2fashion News Desk - China

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