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Dry cocoon continues gain, raw silk slides
24
Dec '10
Dry cocoon in Guangxi market maintained strong trends on December 23, while raw silk continued to decline significantly. It was the third continuous session, wherein, dry cocoon prices continued to surge and raw silk prices fell.

Most dry cocoon contracts closed higher on the day, but forward month contracts 11063 and 11093 slightly fell, however overall performance of dry cocoon market was still strong.

Contract 10124 closed at the upper limit of 113,500 Yuan. Main contract 11033 rose 2,000 Yuan to close at 114,000 Yuan, Investors held watching sentiment for June and September futures contracts next year. The contracts slightly fell to close at 106,900 Yuan and 106,200 Yuan, respectively.

After breaking the 400,000-Yuan mark, raw silk market consecutively declined, and the declining trend seems difficult to completely reverse in the short term. After silk prices consecutively hit record highs, the long side began to look less confident.

Main contract 11033 fell 5,500 Yuan to close at 384,100 Yuan. The contract opened at 386,700 Yuan, once hit 390,500 Yuan, but fell to 383,500 Yuan in the afternoon. K-line fell below 5-day moving average and 10-day moving average. Market momentum began to tilt to the short side.

Forward month contract 11093 fell 7600 Yuan to close at 360,600 Yuan. With the falling price of silk in open markets, spot prices also declined. Raw silk market will continue to drop in the absence of any large profitable provocation. But this decline will not be deep, as prices of raw materials and dry cocoon are still strong, which will provide more solid support to raw silk.

Fibre2fashion News Desk - China

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