Prices consolidated at high levels (Sept. 27, 2005)
Author:
admin
PublishDate:
2005-09-27 17:08:00
Hit:
565
Today electronic market prices consolidated at high levels and fluctuated within narrow ranges. Active March’06 dried cocoon is getting quite near the key point of 70000 yuan per ton, and it hit the intraday high of 69400 yuan and closed at 69100 yuan, same as yesterday’s close. Oct. raw silk reached the high of 214700 yuan and closed at 214100 yuan. But the increase of anticipated delivery volume (position also called) indicates the new selling energy is generating. To buyers, the level of risk has remained high along with abundant profit. In a word, the traders should keep calm during the sensitive period and put more efforts in funds management.
Physically, stability is seen in these days. Raw silk originated from Sichuan is quoted at 211000 yuan more or less, and its transaction dominated the raw silk business in CCSE. Some silk fabric weaving mills were shut due to the increased cost pressure.
Change Range Net position
Raw Silk for Oct. 2005 -300yuan/ton 213800---214700 560
Raw silk for March 2006 0 216200---217700 1922
Dried Cocoon for Oct. 2005 100yuan/ton 66800---67000 28
Dried Cocoon for March 2006 0 68800---69400 2838