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PTA market records sharp volatility on Wednesday
13
Aug '09
Wednesday volatility in PTA market staged a trend of sharp differences. In the morning, sellers provided almost no offers due to the impact of rising limit in PTA market yesterday, but prices greatly increased after the open of PTA futures market.

The spot market continued to heat up. Trading was light in the morning, one deal was made in Jiangsu market at 8,300 Yuan per ton, the highest level, while most overseas offers were around US $970 per ton, but sellers were reluctant to sell.

Close to noontime, PTA futures market looked weak, due to obvious slowdown of polyester buyers amid sharp rise in PTA futures recently, while the plunge in stock market provided further pressure on the market.

Domestic offers generally fell to about 8,200 Yuan per ton, a few offers even lowered to 8,150 Yuan per ton, buyers mostly adopted a wait-and-see-attitude, negotiation level was at 8,100-8,150 per ton or even lower, psychological level of mainstream polyester enterprises was generally at 8,000 Yuan per ton.

Regarding outside offers, offers from sellers generally fell to $970 per ton in the afternoon, but gradually approached $960 per ton near closing time and transaction negotiation levels were recorded at $955-960 per ton.

Polyester enterprises were waiting for further news as a result of significant decline in spot market and it is reported that one deal was made at $940 per ton.

Fibre2fashion News Desk - China

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