Price continued to increase (Oct. 27,2005)
Author:
admin
PublishDate:
2005-10-27 16:59:00
Hit:
560
The electronic transaction today was dramatic but the entire action of the market showed strong inclination to rise. However, it was not plain sailing for the buyers. Most delivery month prices continued to rise except March dried cocoon. Active March’06 dried cocoon price rose to up limit in morning sessions while dropped to down limit in afternoon sessions, the pullback of the raise made the participants feel heavy selling pressure. During recent time, March’06 dried cocoon price consolidated within narrow range quite different from the larger markup of other months and other commodities and accordingly its net position (Advanced delivery volume also called) enlarged and even broke record. It indicated large capital of selling side was focused on March dried cocoon and fresh buying capital was probably moving to raw silk.
Change Open-close prices Net position
Raw Silk for Nov. 2005 2100yuan/ton 232700---234800 536
Raw silk for March 2006 3600yuan/ton 229700---233300 2372
Dried Cocoon for Nov. 2005 900yuan/ton 74600---75500 26
Dried Cocoon for March 2006 0 72900---72900 4582