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Weak demand leads to slide in PTA futures
30
Sep '09
A majority of Zhengzhou PTA Futures contracts sank amid shocks on September 29 and total positions reduced to 149,693. The most active contract 911 saw substantial reduction both in volume and open interest.

The market eventually closed at 6,606 Yuan per ton, down 8 points, or 0.12 percent from the settlement price of September 28. In the short term, the market is confused as it enters a long holiday; surrounding markets too are displaying negative factors.

Downstream production and marketing of polyester industry is in the doldrums, as the industry holds more raw materials and product inventories since it is not attracting demand before the holidays. Due to which, PTA market is expected to maintain a weak trend.

Prices of Paraxylene fell slightly on Monday. Asian market fell by US $5 per ton. FOB South Korea closed at $844.5-845.5 per ton and CFR China closed at $861.5-862.5 per ton, though prices were stable in North-West European market at $733.5-737.5 per ton FOB Rotterdam.

In China, PTA makers have introduced September settlement price at 7,100 Yuan per ton, and October listing price at 6,800-6,900 Yuan per ton. As it is approaching the end of the month and the long National Day holiday, PTA spot market conditions looked calm and steady.

Offers from sellers in domestic feed market were around 6,650 Yuan per ton, though mainstream discussion focused at 6,550-6,600 Yuan per ton. Overseas offers for general shipment were quoted at $785 per ton, but buyer's intention stood at $780 per ton.

Most market participants were preparing to leave the market for the holidays, due to which they displayed little or no interest in buying or selling in the markets, so no firm offers were available. Overall, price reduction in crude oil and Paraxylene continues to drag PTA market down.

Fibre2fashion News Desk - China

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