Buying and Selling News on September 7th - On the news front, autumn cocoons in some regions of Guangxi and Chongqing continue to hit the market. It is understood that prices in Chongqing are mostly maintained between 20-27 yuan per kilogram. Due to prolonged high temperatures and lack of rain, local estimates suggest a certain degree of reduced production for the autumn cocoon harvest. Presently, the price of autumn cocoons in Guangxi is around 26 yuan per kilogram. Similarly affected by the weather, apart from a delayed listing period for autumn silkworms in some areas, there is also a high probability of reduced production. The total output of autumn cocoons in the second half of the year does not look promising. The trend of silk prices may change significantly due to this opportunity. However, looking at the current trend, the spot purchase and sales of cocoons and silk are not smooth, and even when there are sales, the volumes are small. Downstream demand remains weak. Continuous price drops have made merchants' mindsets relatively fragile. The market's operational mindset is rather cautious. The recent trend direction is still unclear, but it is estimated that the overall weak market conditions will continue until the large-scale listing of national autumn cocoons provides a clearer direction.
Today, the Guangxi market sees continued declines in both cocoons and silk, with no change in the overall downward momentum. Dried cocoons near-week quotes start above 740,000 yuan, while long-term contracts barely hold at the 900,000 yuan mark. Raw silk near-week prices mostly hover around 300,000 yuan, while long-term raw silk prices broke below 300,000 yuan early and now adjust between 270,000-280,000 yuan. On the board, today’s dried cocoon near-week 093 fell by 1,600 yuan to close at 74,700 yuan, while long-term 033 fell by 400 yuan to close at 86,600 yuan. Raw silk near-week 093 fell by 4,900 yuan to close at 301,000 yuan, and next year's 033 fell by 2,200 yuan to close at 278,500 yuan. Total traded volume for dried cocoons was 34 batches, total orders were 233 batches, total traded volume for raw silk was 436 batches, and total orders were 1,696 batches. Today's trading volume for dried cocoons and raw silk has slightly contracted, with dried cocoons decreasing by 42 batches and raw silk decreasing by 156 batches. Warehouse quantities have slightly increased.
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