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PTA markets on a roll
28
Jul '09
In the previous week, China's PTA market rose again and in the process launched a fierce offensive. The market received a set back slightly on Monday, but pulled out to launch a bullish line from Tuesday to Friday, especially on Thursday and Friday.

The market increased about 100 Yuan and closed at 7,492 Yuan per ton on Friday, 252 Yuan (3.48%) higher than the previous week and in the process scaled the high witnessed on April 29.

Overall spot market of the week showed the same trend. The market fell back on Monday to 7,100-7,150 Yuan per ton on Monday. But increased buyer activity helped the PTA markets to bounce back and close the week at 7,370 Yuan per ton on Friday.

This closing is 180 Yuan per ton (2.50%) higher than the previous week, but still 600 Yuan below 8,000 Yuan per ton set by the markets at the end of April. As of last Friday, the futures price was 122 Yuan per ton higher than spot price, expanding 72 Yuan from the previous week.

At present, supply in spot market is very tight; trade volume in spot market is still very small. It is reported that PTA manufacturers have full orders till August. Although operating rate is very high, the market is still in a state of short supply.

PTA settlement price in China was 7,350 Yuan per ton in July, 250 Yuan higher than in June. According to current demand and supply, August listing price should not be lower than 7,350 Yuan per ton or even higher at 7,500 Yuan per ton.

Fibre2fashion News Desk - China

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