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SunSirs: Lack of Trading Volume Cooperation, China's Cocoon Silk Market is on the Sidelines
September 29 2020 08:02:19SunSirs(Linda)

According to SunSirs price monitoring, the domestic cocoon silk market fluctuated slightly in September. As of September 28, the average raw silk market price was 286,000 yuan/ton, an increase of 0.53% from the beginning of the month and a year-on-year decrease of 28.50%; 90,850 yuan/ton, up 0.94% from the beginning of the month and down 30.12% year-on-year. The current price of dry cocoon in Guangxi is 86,700 yuan/ton, and the price of raw silk is 285,000 yuan/ton. In September, the cocoon silk market maintained a narrow range of fluctuations. At the beginning of the month, driven by the purchase price of autumn cocoons, the market received certain support. The upward momentum began to be weak in the middle and late ten days, and the market is currently on the sidelines, maintaining the see-saw market.

The autumn cocoons in Guangxi have been listed successively. The fourth batch of autumn cocoons in Xincheng has begun to go on the market. Recently, due to the impact of rain and weather, the quality of the listed silkworm cocoons is slightly poor. about. In addition, due to the continuous downturn in the cocoon silk market, the price of silkworm cocoons fell sharply year-on-year compared with last year, causing farmers to suffer a greater blow to their enthusiasm for sericulture. The degree of meticulous care in the mulberry field and the process of sericulture has been reduced, such as silkworm cocoons in Yizhou. The production cut is more prominent, and it is preliminary estimated that it will be reduced by nearly half year-on-year.

Cocoon silk is still suppressed by the negative fundamentals of the macro peripheral market and the downstream consumer end of its own market. Although it is supported by raw material costs, its strength is small and lack of transaction volume. The light consumer market prevents the market rebound. The textile market has entered the traditional'Golden September' peak season, but it seems that the fineness is insufficient. Downstream companies are cautious in purchasing, and mostly maintain the buy-as-you-go plan. Sales in the end consumer market are still poor. Most companies are facing greater production pressure, so it is difficult to give the market a strong boost.

SunSirs analysts believe that the price of cocoon silk in September was supported by the cocoon cost, but the speed of downstream shipments was still relatively average, and the market’s upward weakness was difficult to rebound significantly. It is currently from the end of September to the beginning of October. The holidays for weaving factories during the National Day holiday have increased, and the low peak season has become the new normal in the textile market. And because the overseas epidemic has not yet been fully controlled, the resistance to clothing exports is still large, and it is unknown whether subsequent orders can continue. Therefore, the market price of cocoon silk in October is likely to fall.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

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