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ReturnPrice drop continued, weak market not changed (Oct.27-Nov.2,2007)
Author：
admin
PublishDate：
2007-11-02 17:00:00
Hit：
8867
CCSE electronic prices continued to drop with decreased trading volume this weak. Active March Raw Silk closed lowest 164100 yuan, down by 5100 yuan compared to last weekend. Active March Dried Cocoon touched lowest 51500 yuan and closed 51700 yuan, down by 1700 yuan compared to last weekend. Some traders are bearish about later market while some are eager for the government to take macro-control measures. March Raw Silk broke through previous supports again and again and moved in a downward channel.
Such situation was some attributed to the needs of the market itself and fund lack, rather than the fundamental pictures that affected the long-term fluctuation of cocoon and silk prices.
This week the Ministry of Commerce promulgated export quota gross of silk in 2008 at 28000 tons, up by 23.8 % from 21000 ton last year.
Daily Chart for Spot Month Raw Silk Unit: 10000 yuan per ton
