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Bullish trend continues in Chinese PTA futures market
12
Dec '12
Purified terephthalic acid (PTA) futures market in China is continuing to show rising trend since last month due to the support from upstream raw material market. The most active PTA futures contract was settled in the price range of 7,650-7,750 yuan/ton during November-end.
 
In comparison, PTA spot market witnessed a slight set back in November. In East China market, PTA spot prices settled at around 8,450 yuan/ton in November. 
 
Meanwhile, the average operating rate of Chinese PTA manufacturers fell to about 72-79 percent during the month, and the operating rate of downstream polyester plants also declined to about 76 percent.
 
During the period under review, PTA supply in spot market was tight as a number of domestic manufacturers shutdown their plants for maintenance.
 
However, PTA futures market received price support and picked up all the way in November.
 
But, the production of downstream textile and garment industry will be stopped during the holidays later this month. Hence, there would be a decline in demand for raw materials.
 

Fibre2fashion News Desk - China

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