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Cocoon & silk price trends dip in tandem
10
Sep '10
Sichuan, Yunnan and Guangxi provinces have started the acquirement process of autumn cocoon in early September. The current purchase price is above 30 Yuan / kg, the price in some local places even has risen to 35 Yuan / kg.

But the support from acquirement news to the cocoon and silk markets was less than the impact from decline in stock and futures markets on Thursday, as both, the cocoon as well as silk markets fell on Thursday.

Contracts of dry cocoon fell 200-300 Yuan per ton. Contract 10093 fell 200 Yuan to close at 87,200 Yuan per ton and contract 11033 fell 400 Yuan to close at 87,600 Yuan per ton.

The price trend of autumn cocoon are like those witnessed for spring cocoon. The price rapidly rises in early times after the opening price, but quickly falls back to a stable level.

Off course, it all depends on the actual cocoon production and another important factor is how far, the price of raw silk can carry on. Now export price has increased from US $47 / kg to $50/ kg, directly reaching the bottom line of Indian psychological price.

Raw silk contract 10093 fell by nearly 3,100 Yuan on the day to close at 338,000 Yuan per ton. The main contract 11033 opened at 330,000 Yuan but closed at 324,200 Yuan, down 6000 Yuan from the previous day.

Looking from a technical point of view, contract 10033 formed a new head and shoulder formation after it hit 330,000 Yuan. Although the market was in resonance of declined external markets, the possibility of a technical correction in raw silk prices could not be neglected.

Fibre2fashion News Desk - China

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