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PTA futures sink on Tuesday
23
Sep '09
Zhengzhou PTA futures contracts fell across the board on September 22. The most active contract 911 jumped lower in the morning, the session showed a posture of a decline after a rally and both trade volumes and positions fell.

Contract 911 opened at 6,798 Yuan per ton. The highest intraday price reached 6,846 Yuan per ton, while the lowest level fell to 6,762 Yuan per ton and then closed at 6,764 Yuan per ton, down 56 points or 0.82 percent compared with the previous day.

From views of fundamentals, raw material price of Paraxylene remains at low levels, so PTA producers still have high profits, due to which they are operating their plants at rates as high or even over 90 percent.

However, downstream production and marketing of polyester market is still sluggish. Operating rate of polyester factories has fallen to about 50 percent, and they still hold a high level of PTA inventory, due to which demand for PTA looks difficult to improve.

On Monday, Paraxylene market in Europe was flat compared with that on September 18. It closed at US $828-832 per ton FOB Rotterdam. Asian price remained stable at $882.5 per ton CFR China, due to the holidays in the region.

PTA spot market declined slightly amid steadiness and domestic supply market fell 50 Yuan per ton, offers from sellers were at 6,800 Yuan per ton, while counteroffers from buyers focused at 6,750 Yuan per ton.

Overseas offers sank in stalemate, offers for general cargo were at US $805-810 per ton, and price level in mainstream discussions was at US $800-805 per ton.

Fibre2fashion News Desk - China

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