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Cocoon & raw silk prices continue surge
09
Nov '10
Cocoon and silk prices continued to rise last week. The highest trade price of dry cocoon reached 99,500 Yuan per ton in Guangxi market and is very near the 100,000 Yuan / ton price mark.

Raw silk contracts broke the 340,000 Yuan per ton level. Forward month contract 11093 hit 347,000 Yuan, just a yard stick away from the psychological price of 350,000 Yuan per ton.

Dry cocoon contract 11093 fell 100 Yuan to close at 92,100 Yuan per ton, contract 11013 rose 500 Yuan to close at 94,000 Yuan per ton and the main contract 11033 fell slightly by 100 Yuan to close at 99,000 Yuan.

Raw silk contract 11011 rose 2800 Yuan to close at 343,400 Yuan per ton and contract 11033 rose 3500 Yuan to close at 342,000 Yuan. The main contract 11033 rose 1100 Yuan to close at 345,300 Yuan and forward month contract 11093 fell 200 Yuan to close at 323,000 Yuan.

Judging from the surface, current market situation of cocoon and silk moves step by step, overall situation is more realistic, but there are still many uncertain factors.

According to Xinhua News Agency, nearly hundreds of counties in Guangxi have been suffering autumn drought since the second half of this year; therefore, silkworm production will face serious challenges next year.

Fibre2fashion News Desk - China


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