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PTA market expected to remain weak
16
Sep '09
The majority of Zhengzhou PTA futures contracts closed marginally higher amid volatility on September 15, total open interest positions increased by 13,822 to 169,384. Main contract 911 opened slightly higher, the market indicated a narrow volatility during the session, and quickly pulled up near close.

Main contract 911 opened at 6,880 Yuan per ton, touching the highest intraday price of 6,896 Yuan per ton and the lowest of 6,822 Yuan per ton during the day and it closed at 6,888 Yuan per ton, 26 points higher than the previous day's settlement. Daily trade volume reached 248,464 lots.

Analysts believe that market conditions continue to show a weak decline and fundamentals are still poor, resulting in a weak pattern for PTA. While crude oil futures ended higher, there is no much room for PTA rebound and a declining trend towards the end of the week is more likely.

On the other hand Paraxylene too closed lower and Asian markets fell by US $19.5 per ton. FOB South Korea closed at $906.5-907.5 per ton, and CFR China closed at $923.5-924.5 per ton. Affected by Asian markets, European markets too slid by $19 per ton to touch $814-818 per ton, FOB Rotterdam.

The same pattern was noticed in PTA spot markets. Sellers were offering at 7,000 Yuan per ton, while buyers evinced interest at 6,900 Yuan per ton. Performance of PTA downstream market remained poor, prices of polyester chips and polyester filament yarn fell 100 Yuan per ton.

Fibre2fashion News Desk - China

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