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Bulls still running amock in cocoon & silk markets
09
Dec '10
Cocoon and silk prices in Guangxi market continued to rise, dry cocoon extended its steady gains, most contracts was over 102,000 Yuan mark, raw silk showed strong momentum, nearby week contract was close to 390,000 Yuan / ton.

Nearby week contract 10122 of dry cocoon rose 2,300 Yuan to close at 104,500 Yuan / ton, forward month contract 11033 rose 1,200 Yuan to close at 107,000 Yuan / ton.

Dry cocoon price has been steadily rising since the end of national acquisition, purchase price in various producing areas is 35-38 Yuan / kg, which sends strong support to high price of dry cocoon, and market price is expected to see less falling momentum before spring cocoon enters the market next year.

Raw silk rose significantly. Nearby week contract 10122 rose 12,000 Yuan to close at 383,000 Yuan / ton and a new historical high seems to be coming at any time. Forward month contract 11033 rose 9,000 Yuan to close at Yuan / ton, while contract 093 of next year gave an eye-catching performance as it rose 10,800 Yuan to close at 373,000 Yuan / ton.

After rising for days, cocoon and silk exceeded the 100,000 Yuan / ton and 380,000 Yuan / ton, mark, respectively. Currently the bulls as a major force still occupy the market, most traders holding nearby month contracts are cautious in face of current record highs.

Fibre2fashion News Desk - China

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