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Electronic market was comparatively quiet these days. The activity of front months was impaired. Prices of months before May’06 fluctuated within narrow ranges with light trading volume for both sides could only liquidate their position and their willing of liquidation was not strong. Meantime, open interest of back months was gradually increasing for the opinion difference of participants.

In spot market, offers kept up-going with still light volume. Ordinary machine-reeled silk yarn rated above 253000 yuan per ton. That’s the highest level in ten years. This year’s silk bull market is purely a function of increased demand. However, price risk and quality risk both involved in buying.