Price drop continued (August 19, 2005)
Author:
admin
PublishDate:
2005-08-21 10:49:00
Hit:
562
Electronic contract prices continued to drop to find support today. Some months even eroded into bottom limits. The decreased market net position indicated that some sellers began to take profit from the market, some buyers also left the market and most traders kept sideline. Therefore, the market inevitably went down. Such situation was attributed to the market itself. There were still different opinions on the price moving.
Physically, cocoon and raw silk prices dropped a little. The spot market was sideline with poor trade.
Active Dried Cocoon for March 2006 opened at the highest intraday price of 63300 Yuan, closed at 62300 Yuan, touched the lowest of 62000 Yuan, with 418 hands were traded.
Raw silk for Sept. 2005 closed at 203900 Yuan, ranged between 206300—203900 Yuan.