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PTA contract futures nose-dive
10
Sep '09
PTA futures contracts in Zhengzhou fell across the board on September 8. The most active contract '911' opened at 7,290 Yuan per ton, the highest price of the day, but quickly declined, then maintained within a narrow volatility to finally close at 7,094 Yuan per ton, down 214 points or 2.93 percent compared with the previous day,

PTA spot market too declined further and offers for September delivery from some domestic PTA producers stood at 7,600 Yuan per ton, down 400 Yuan per ton from 8,000 Yuan per ton, witnessed in early August.

Offers from overseas sellers faced increasing pressure, offers for general cargo fell US $20 to $850 per ton, mainstream price focused at $840-845 per ton, down $20 per ton. Buyers and sellers were more cautious and actual negotiations were light.

Fibre2fashion News Desk - China

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