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Raw silk prices still on ascending mode
Sep '10
As the Mid-Autumn Festival is approaching, the second batch of autumn cocoon is continually arriving in the market in Guangxi province. Purchase price is still strong; cocoon silk price is also on high level, being supported by high purchase price of autumn cocoon.

Dry cocoon contracts received mixed reactions yesterday, while raw silk contracts closed higher across the board. Nearby week contract 094 of dry cocoon fell 800 Yuan to close at 86,000 Yuan / ton, contract 10103 rose 200 to close at 88,600 Yuan / ton.

Dry cocoon contract 10113 fell 500 Yuan to close at 88,000 Yuan / ton, contract 10123 rose 600 Yuan to close at 88,000 Yuan / ton and contract 11033 rose 500 Yuan to close at 90,000 Yuan / ton.

Nearby week contract 094 of raw silk rose 1500 Yuan to close at 339,500 Yuan / ton, contract 10103 rose 2100 Yuan to close at 339,200 Yuan / ton, contract 10113 rose 1200 Yuan / ton, contract 10123 rose 6000 Yuan / ton, the main contract 11033 rose 3100 Yuan to close at 333,900 Yuan / ton, forward month contract 11093 rose 1900 Yuan to close at 319,500 Yuan / ton.

Guangxi is experiencing continuous high temperatures in recent days and the possibility of outbreak of silkworm disease has greatly increased. Some cocoon production areas have reported that, autumn cocoon output may reduce sharply, this year.

New cocoon in Zhejiang area is poor in quality; therefore, market price will be affected by any sign of disturbance or trouble.

Fibre2fashion News Desk - China

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