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Raw silk prices look difficult to come down
21
Oct '10
Most cocoon and silk contracts fell on Monday in Guangxi province, but the market recovered Tuesday, most contracts closed higher. Dry cocoon contract 10103 was offered at 90900 Yuan/ ton and forward dry cocoon contract 11033 rose 1400 Yuan to close at 93,300 Yuan / ton.

In recent times, dry cocoon contracts are mostly quiet and the pace in increase in prices has slowed down. Overall, offers of dry cocoon contracts are around 89,000-93,000 Yuan.

With regards to raw silk, contract 11093 remained at 310,000 Yuan / ton; other contracts broke through 330,000 Yuan. Nearby week contracts 103 and 104 were offered at 342,000 Yuan and 345,000 Yuan.

The main contract 11033 rose 1400 to close at 332,500 Yuan / ton, trade volume and order volume slightly decreased from the previous day. Performance of forward month contracts of cocoon and silk is quite eye-catching.

It is reported that the purchase price of the third autumn cocoon in Guangxi remains at 36-37 Yuan / kg, quality is basically good. In Dongtai, Jiangsu province, acquisition of autumn cocoon has exceeded 100,000 quintals from October 12 to present time.

Purchase price is over 40 Yuan / kg and has set a new record high. Rising raw material prices are giving support to prices of cocoon and silk and these prices look difficult to come down this year.

Fibre2fashion News Desk - India

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