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Raw silk extends high level consolidation
27
Nov '10
Cocoon and silk market rose in Guangxi province and thereby extended its high-level of consolidation. Dry cocoon contract 10121 rose 100 Yuan to close at 98,100 Yuan per ton; contract 10123 rose 300 Yuan to close at 99,900 Yuan per ton and the most active contract 11033 fell 300 Yuan to close at 102,600 Yuan per ton.

Raw silk achieved the largest increase in nearby week contract, which rose 3,900 Yuan to close at 358,500 Yuan per ton, contract 10121 rose 2,000 Yuan to close at 360,000 Yuan per ton, the most active contract 11033 rose 900 Yuan to close at 358,800 Yuan per ton and forward month contract 11093 rose 2,900 Yuan to close at 334,000 Yuan.

In recent days, cocoon and silk supply was relatively tight in the spot market and spot prices seemed firm, however the Chinese domestic market faces many uncertain factors.

India will make public tender for 100 tons raw silk under duty-free import quota by the end of December and should raise hopes of Chinese raw silk exporters, but it is unknown whether India will release more quotas for duty-free imports, or whether India will stick to its announcement made previously, saying that it will import 2500 tons raw silk under duty-free quota in March.

There seems no substantial force to push the market, either up or down in recent time, therefore the market is expected to maintain its high-level consolidation.

Fibre2fashion News Desk - China

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