Price went on downward correction (Nov.4, 2005)
Author:
admin
PublishDate:
2005-11-04 17:10:00
Hit:
556
The electronic market continuedto drop to find support on Friday, and particularly March’06 dried cocoon broke out the important support at 70000 yuan and set the recent low of 69800yuan.Less drop of November was partly because of current higher spot price and its low position. Advanced delivery volume (position also called) of back months contined to increase today. High risk was behind the strong fluctuation.
As for spot market, compared to some days ago, silk yarn offers from different mills and traders differed much today. In overall, spot prices of silk yarn dropped slightly, about 2000 yuan lower than some days before affected by the sharp drop of electronic market, .Raw silk by factory inspection originated from Guangxi rated 232000 yuan, and raw silk tested by entry-exit inspection and quarantine bureau about 237000 yuan at current time.
Change Open-close prices Net position
Raw Silk for Nov. 2005 600yuan/ton 230600---231200 444
Raw silk for March 2006 -600yuan/ton 223400---222800 2500
Dried Cocoon for Nov. 2005 300yuan/ton 74000---74300 36
Dried Cocoon for March 2006 -400yuan/ton 70600---69800 5028