Prices hiked sharply after the holiday (Oct.8-Oct.10, 2005)
Author:
admin
PublishDate:
2005-10-10 16:45:00
Hit:
570
Affected by the news of cocoon output decrease in Zhejiang and Jiangsu region, electronic market prices hiked sharply after the long holiday. The news let some people call back the price movement of the year 2000, which also fueled the rising trend. All delivery months rose to up limit on Oct. 8. On Oct. 9, raw silk prices corrected while dried cocoon prices continued to rise widely. On Oct. 10, raw silk prices rose slightly while the rise of dried cocoon prices slowed down and eased little. As the expiration approaches, Oct raw silk was traded actively. But we are uncertain about how long the uptrend will go.
During the extended holiday celebrating National Day, cocoon and silk market prices rose moderately, which provided another opportunity for the electronic market in CCSE to rise continuously. Fundamentally, the selling interest of manfacturers lowers on hiked price. Dried cocoons (Renditta at 2.9) in Guangxi was priced at 65000yuan, 3000 yuan higher than the holiday before. The consecutive drought in Guangxi will have some impact on the next two cocoon harvests. In CCSE spot market, raw silk through factory inspection dominated the market and priced at about 216000 yuan. Thrown silk market performed well, however, silk fabric market hasn’t reacted yet toward the raised cost.
Change Open-Close Prices Net position
Raw Silk for Oct. 2005 5700yuan/ton 217400---223100 570
Raw silk for March 2006 7200yuan/ton 218000---225200 1982
Dried Cocoon for Oct. 2005 4000yuan/ton 66600---60600 44
Dried Cocoon for March 2006 2600yuan/ton 69100---71700 3114