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Cocoon contracts up, raw silk down
Feb '11
Most cocoon contracts increased on February 10 in Guangxi province. Dry cocoon contract 023 rose 400 Yuan to close at 113,000 Yuan per ton and March contract 033 rose 500 Yuan to close at 114,900 Yuan per ton. September contract 093 reached 100,000 Yuan per ton. Trade volume and orders rebounded from last year.

All raw silk contracts fell. Nearby week contract 023 decreased 4,900 Yuan to close at 370,000 Yuan per ton and raw silk contract 033 fell 1,600 Yuan to close at 373,700 Yuan per ton. September contract 093 fell 700 Yuan to close at 343,500 Yuan per ton.

The central bank announced the increase of interest rate by 0.25 percentage points on February 8, 2011, bringing annual RMB deposit rate of financial institutions to 3 percent. Some people say that the increase of interest rate by the government will have less role in suppressing market prices, especially for agricultural products.

At present, many agricultural products, including cocoon and silk, are still in bullish phase, they tend to ignore negative impact of interest rates, weather factors (such as prolonged drought, low temperature impact, etc). Other factors such as demand and supply seem to have more influence on price volatility of cocoon and silk, as well as other agricultural products than macroeconomic policies.

Fibre2fashion News Desk - China

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