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ReturnPrices fall sharply on economic concerns( Sept.29-Oct.10,2008)
Author：
admin
PublishDate：
2008-10-10 16:25:00
Hit：
9457
This trading week cocoon and silk prices extended a drop nearly to the lowest level this year.
Spot month raw silk and dried cocoon lost 12300 yuan and 6500 yuan per ton to closea t 162600 yuan and 44100 yuan this week. March 08 raw silk slumped to 159900 yuan from 176700 yuan one trading week earlier.
Traders concentrated in mass profit booking, tracking weak global economy sentiments. A worldwide sell-off in stocks and in commodity markets following renewed worries over an economic slowdown exerted bearish pressure on the cocoon and silk market. Ideas that the latest economic problems may be deflationary rather than inflationary to commodity markets added pressure to the already bearish setting.
Daily Chart for Spot month Raw Silk
Unit : 10000 yuan
