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PTA futures market lacks confidence
26
Aug '09
Under the influence of another record high of crude oil futures and slight rebound of PX spot market, China's PTA futures market opened higher on August 24, but declined soon due to lack of confidence over concern of market outlook. PTA spot prices continued its weak trend from last week.

In domestic market, offer for high-quality spot goods was between 7800-7900 Yuan per ton. One deal was struck at 7,800 Yuan per ton in Jiangsu market. Offers from overseas markets also looked weak.

Price of general spot cargo was at US $930-940 per ton, but inquiries as well as transactions were low as buyers were trying to negotiate prices between $920-930 per ton.

From company related news, it is reported that one PTA plant of Far East Petrochemical suspended production, last weekend due to an equipment failure, but the plant plans to resume operation as soon as possible.

One PTA plant of 1.5 million tons capacity of YiSheng DAHua Petrochemical closed down production, again due to a malfunction in plant machinery.

Two plants under BP Zhuhai, too suspended production at the weekend, but they have gradually restored operations August 24 onwards.

Fibre2fashion News Desk - China

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