Silk Prices Drop on Weak Demand
Source: China Chamber of Commerce for Import & Export of Textiles Date: 2007-09-26
CCSE electronic prices showed a declining trend during the last two weeks on weak demand. Sept. Raw Silk closed 187580 yuan with delivery volume at 1374 hands (824.4 tons). Sept. Dried Cocoon closed 62280 yuan with delivery volume at 436 hands (2180 tons). All aregies are in warehouses for next week’s taking delivery. March’08 Raw Silk dropped by 13800 yuan to close 183300 yuan per ton compared to two weeks before. March’08 Dried Cocoon dropped by 6900 yuan to close 58000 yuan per ton compared to two weeks before.
The buyers seemed inactive due to lack of fund, but in fact the price plummet came mainly because of lack of market confidence in the future.
On Sept. 17th, Zhejiang Silk Association head a meeting and the province’s mid-autumn silkworm cocoon purchasing price is released around 930 yuan per dan (50kg).
Till now, the weather conditions in Zhejiang and Jiangsu is fine. In the meantime, silkworms grow relatively fine.
