This Friday April and Sept. Raw Silk closed 181800 yuan and 194400 yuan per ton. April and Sept. Dried Cocoon closed 55300 yuan and 63200 yuan per ton.
In 2008, the growth of China's exports is predicted to slower. China's exports to the United States are mainly consumer goods and U.S. consumption growth is likely to slow, so this could be unfavorable to China's export growth. Renminbi appreciation is speeding up, and various production costs are increasing. All these factors will slow down China's silk export growth in 2008.
Although the cocoon and silk market has many bearish fundamentals, distant month prices tried to move up. Worries about delays in silkworm raising and drop of silkworm egg distribution volume and other factors suppords back months.
Daily Chart for April Raw Silk Unit: 10000 yuan per ton