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Chinese cocoon & silk market weakens
11
Mar '11
After setting a new record, China's cocoon and silk market weakened on March 9. During last week, news of duty tax reduction from India stimulated the market to record new highs but because uncertainties over various factors, it lost the gain.

In Guangxi, dry cocoon contract 033 closed at 122,000 Yuan per ton, 500 Yuan down from the previous close while dry cocoon contract 053 closed at 107,800 Yuan per ton, 600 Yuan down.

Dry cocoon contract 073 closed at 102,200 Yuan per ton and dry cocoon contract 093 at 103,300 Yuan with decrease of 2100 Yuan and 900 Yuan respectively.

Raw silk contract 033 declined to 390,000 Yuan per ton, 3,200 Yuan down with trade volume of 72 lots and orders of 410 lots. Raw silk contract 043 declined to 386,000 Yuan per ton, 2700 Yuan down with trade volume of 20 lots and orders of 210 lots.

Raw silk contract 093 was worst affected with fall of 5600 Yuan and closed at 359,000 Yuan per ton.

In India too, because of some circumstances, domestic cocoon and silk market had got into chaos and panic and at one stage market price of cocoon fell to Rs150 / kg (about 22 Yuan / kg).

As a result farmers started protests and the government had to intervene. The Government raised the minimum support price to Rs 200 per kg and because of that, prices recovered significantly.

At present, price of good cocoon is nearly Rs 300 per kg (about 40 Yuan / kg). However, local silk textile industry is still in a difficult situation due to uncertainties.

As per reports, Guangxi province is experiencing relatively low temperature and foggy weather recently, which is adverse to the growth of mulberry trees. As a result, the release time of silkworm eggs will be delayed this year and will affect prices further.

Fibre2fashion News Desk - China

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