Cocoon and silk market in Guangxi province closed higher on February 14, post-festival prices showed clear upward trend and market price advanced to another higher level after it increased for 3 sessions.
The highest trading price of raw silk contract 024 has reached 381,800 Yuan per ton, reflecting that demand after the holiday is relatively strong. Overall positions of raw silk reduced and trade activities were relatively less active.
Purchase price of dry cocoon contract 023 was 114,000 Yuan per ton, but there were no reports of transaction. Contract 024 rose 300 Yuan to close at 113,700 Yuan per ton; contract 033 rose 400 Yuan to close at 115,700 Yuan per ton.
Contract 093 rose 100 Yuan to close at 100,100 Yuan per ton. Cocoon inventories at stations around the province have basically run out, raw material storage at factories have also stabilized, dry cocoon supply in circulation has reduced to minimal.
Raw silk market rose sharply on the day. Contract 023 rose 5,700 Yuan to close at 377,000 Yuan per ton. Contract 024 rose 10,000 Yuan to close at 381,800 Yuan per ton, contract 033 rose 4,500 Yuan to close at 379,800 Yuan per ton, contract 043 rose 7000 Yuan to close at 373,000 Yuan per ton and contract 093 rose 4,900 Yuan to close at 349,500 Yuan per ton.
Agricultural climate remains an important factor affecting price movements; low temperature and drought are major climate issues at present. But low temperature and drought this year have less impact on silkworm. Guangxi received relatively abundant rain a few days ago, which has to some extent addressed drought worries similar to last year.
Fibre2fashion News Desk - China
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