Soared sharply on expectation sentiment (Sept. 26, 2005)
Author:
admin
PublishDate:
2005-09-26 17:10:00
Hit:
547
Electronic transaction prices rose sharply today after last week’s consolidation. Dried cocoon broke through the previous height easily. The recent consecutive high temperature in Zhejiang province which would effect the cocoon output and silkworm diseases occurred in some regions also fueled the uprise today. The Active and only active March’06 dried cocoon closed at 69200yuan per ton, with 536 hands were traded. It is noteworthy that the trading volume of raw silk seems much larger than dried cocoon these days. Sept.’05 and March’ 06 raw silk closed at 214400 yuan and 216200 yuan respectively. But we can ascertain that this week before the holiday from Oct. 1st is an unpeaceful market.
Physically, the spot prices remained at high and stable levels and offers higher corresponding to the hiked electronic prices. Silk reeling millers and traders hold optimistic towards the latter market as well as worry about the increasing cost.
Change Range Net position
Raw Silk for Oct. 2005 3300yuan/ton 211100---214700 580
Raw silk for March 2006 3600yuan/ton 212600---216800 1868
Dried Cocoon for Oct. 2005 1600yuan/ton 65200---66800 28
Dried Cocoon for March 2006 1400yuan/ton 67700---69200 2740