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Cocoon & silk prices close lower on May 24
May '11
Cocoon and silk contracts in Guangxi market generally opened higher but moved lower on May 24. However, trade activities were deserted.

Nearby week contract 054 of dry cocoon closed at 117,500 Yuan, contract 062 closed at 116,000 Yuan, contract 093 fell 600 Yuan to close at 114,900 Yuan, contract 097 rose 600 Yuan to close at 116,000 Yuan. There was no report of transaction in the afternoon; Dry cocoon market was under great pressure, as overall raw silk market fell down in the afternoon.

Raw silk market opened higher in the morning, but all the contracts collectively turned around in the afternoon.

The main contract 093 fell 3,600 Yuan to close at 365,000 Yuan, contract 054 rose 500 Yuan to close at 393,000 Yuan, contract 063 fell 2,600 Yuan to close at 380,400 Yuan, contract 073 fell 2,700 Yuan to close at 374,000 Yuan and contract 083 fell 1,300 Yuan to close at 365,000 Yuan.

Purchase price of fresh cocoon in Southern Guangxi rose to 20-22 Yuan/ kg; in the north, it grew to 22-24 Yuan/ kg. Recent orders from downstream silk fabric factories are down and demand for raw silk has declined.

Fibre2fashion News Desk - China

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