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Raw silk prices break through psychological mark

22
Jul '10
Cocoon and silk prices gained across the board on July 21, dry cocoon prices grew marginally, while that of raw silk rose significantly. Trade volumes in dry cocoons appeared dull, however, mid and forward week contract of raw silk expanded trade volume.

Nearby week contract 10073 of raw silk broke through 300,000 Yuan / ton mark to close at 303,500 Yuan. Dry cocoon contract 10083 rose 200 Yuan to close at 82,400 Yuan / ton. Contract 10093 rose by 100 Yuan to close at 82,600 Yuan.

Now summer cocoon has come into the market from various areas. It is learnt that summer cocoon production this year should increase, but quality would not be quite satisfactory. Cocoon quality in Yunnan province is better, price is around 36 Yuan/ kg.

Now traders hold much hope on a developing trend after raw silk prices broke through the 300,000 Yuan / ton mark. In the first half this year cocoon production of Yizhou, Guangxi has increased by 25 percent year on year.

Recent market prices of cocoon and silk are unlikely to decline, but long-term investors should have their eyes focused on the ever-changing market.

Fibre2fashion News Desk - China


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