Price retreated (Oct. 14, 2005)
Author:
admin
PublishDate:
2005-10-14 16:04:00
Hit:
550
The electronic market began to cool down a bit. Now the market is discussing how much potential that the momentum could sustain. Lack of fresh positive triggers coupled with profit-taking at high-levels, electronic prices pulled down and closed lower. As pressure from profit-taking of March’06 seemed larger, November delivery month held relatively firm and rated higher than March. As mentioned earlier, technical indicators illustrated the possibility of decline and consolidation would remain.
In spot market, Most silk yarn users kept cautious on the increasing raw silk price, while silk reeling mills offered higher rate due to the raised cocoon cost, but unacceptable to most buyers. Currently, white steam filature originated from Guangxi and Sichuan priced at about 222000 yuan. Affected by the correction on electronic market and the forthcoming Guangzhou Fair, spot offers dropped slightly today. Under such circumstances, the standing-aside sentiment prevailed.
Change Open-close prices Net position
Raw Silk for Nov. 2005 -1800yuan/ton 225500---223700 594
Raw silk for March 2006 -3000yuan/ton 225200---222200 2308
Dried Cocoon for Nov. 2005 -300yuan/ton 71900---71600 16
Dried Cocoon for March 2006 -600yuan/ton 71900---71300 3372