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ReturnSURESH MEHTA ANALYSIS(2)--Weekly review of indian market (Till Sep 10)
Author：
admin
PublishDate：
2005-09-10 21:47:00
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522
(BY SURESH MEHTA)
Well, this week was almost silent with low sales due to the holidays from sep 7th even though the silk trading community was open from sep 8th onwards. we should see buying interest locally from next tuesday onwards after the factories fully function .
Raw silk has remained steady throughout the week and expected to remain so in the coming weeks , with stable quotes from china ,we can see stability here also , there is however a fear that due to the coming crops in china the chinese quotes may lower in the coming weeks and we are in the fear mode now . this may lead to unsteady import from china and if the stability is seen in the coming weeks in china then the buying will start in good volumes overcoming the fear mode and move into next gear.
Dupion is seeing very low sales this week 1) due to holidays and 2) few export orders for dupion . If the situation does not improve within the next 15 days for dupion here then we can see a definite downtrend for dupion this year .
Tussah Silk yarn position is still weakening with surplus flow of cargo and may remain in this state for another 15 days , however due to the upcoming season in india and shortage expected in china this year , we may witness another round of high prices for this item.
The silk fabric situation is going from bad to worse with prices going down to rs 118 for sichuan origin 12101, it has dropped from rs 132 within ten days , mainly due to low sales and the reducing new quotes from china . the sentiment is expected to continue till this month end .
As previously stated in my earlier analysis , RAW SILK YARN is the king this year and it seems will remain so for the whole of this year.
WHOLESALE PRICE INDEX
open market -prices - bangalore - chinese yarn
date : SEP10 2005
mulberry raw silk 20/22 3/4 a
RS 1310.00
dupion silk yarn 100/120
RS: 1050 -1060 - NORMAL MILLS
RS 1090.00 - TOP MILLS
tussah silk yarn 33/37
RS 1340.00
thrown silk 20/22 2/3 ply s300,S330,S360
RS 1330.00
organzine 2 ply z800/s700
RS - 1450.00
NOTE : PRICE ARE IN INDIAN RUPPEES/ KG
PRICE ARE INCLUSIVE OF IMPORT DUTY BUT EXCLUSIVE OF VAT IF ANY
