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Consecutive consolidation leads to drop. Electronic market prices in CCSE spiraled downwards with shrinking trading volume Wednesday, which gave the price movement a chance to take a breath. Price differences between November and March’06 tended to be much enlarged as compared to yesterday. Strong buying sentiment has weakened slightly due to the heavy selling pressure. But it’s too early to expect a reversal on electronic market.

In CCSE spot market, prices kept more steady and stable on high levels compared to electronic market.

　　　　　　　　　Change Open-close prices Net position
Raw Silk for Nov. 2005　-1800yuan/ton 233600---231800　470
Raw silk for March 2006　-3000yuan/ton 230000---227000 2418

Dried Cocoon for Nov. 2005　 -100yuan/ton 75400---75300　 34
Dried Cocoon for March 2006　 -1200yuan/ton 72200---71000　4532