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Cocoon & raw silk trends extend gains
Apr '11
As the first batch of spring cocoon has arrived in the market in Hainan's Qiong County, the prices of cocoon and raw silk extended their gains further. In initial trading, purchase price of spring cocoon was quoted at 35 Yuan / kg. But industry expects average acquisition price of spring cocoon to surpass 40 Yuan / kg mark.

In the last few days, dry cocoon market has gained significantly. The trend continued on March 30 as well, with all contract prices breaking 110,000 Yuan per ton barrier. Actually, the lowest price recorded on the day was 111,000 Yuan per ton. On the other hand raw silk market also maintained momentum showing upward trend.

On March 30, dry cocoon contract 053 weakened by 1,800 Yuan per ton closing at 118,000 Yuan per ton while contract 063 rose by 2,800 Yuan per ton to close at 113,000 Yuan per ton.

In other varieties, contract 073 registered a rise of 2,400 Yuan and was quoted at 114,500 Yuan per ton and dry cocoon contract 093 was up by 2,200 Yuan at 114,000 Yuan per ton. In this segment trade volume was 16 lots with orders of 54 lots.

Dry cocoon contract 12033 too witnessed improvement in closing at 111,000 Yuan per ton, 1,900 Yuan per ton up from the previous day closing. In this variety, total trade volume was 36 lots and total orders stood at 124 lots.

In raw silk markets, nearby week contract 053 of raw silk recorded an increase of 300 Yuan per ton, closing at 393,500 Yuan per ton. Contract 043 improved by 900 Yuan to 392,800 Yuan per ton. This variety recorded trade volume of 26 lots and orders of 213 lots.

Contract 053 was 3,500 Yuan higher than previous day, closing at 391,500 Yuan per ton with trade volume of 26 lots and orders were 140 lots. Raw silk contract 063 added further 1,900 Yuan in its price, closing at 379,000 Yuan per ton while contract 073 rose 1,700 Yuan closing at 364,100 Yuan.

In the market, most active variety was contract 093, which recorded a hefty rise of 2,500 Yuan per ton, closing at 365,500 Yuan. This variety registered trade volume of 120 lots. The highest price rise was witnessed in contract 12033 which rose 4,000 Yuan to reach 363,300 Yuan per ton. For this variety, trade volume was 12 lots and orders were 32 lots.

As the seminar of 2011 National Cocoon Harvesting and Drying Work is being held in Xiamen, the industry expects new opportunities as well as challenges for the cocoon and silk sectors to prevail this year too.

Fibre2fashion News Desk - China

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