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PTA market maintains wait-and-see attitude
10
Nov '09
In the previous week, PTA market began to rebound mid-week onwards from a decline recorded in the initial days of the week. On Monday, the market opened weak due to the plunge of crude oil prices and also due to downtrend in sales of polyester products over the weekend.

In China's domestic market, offers were quoted at about 7,300 Yuan per ton in the morning when traders kept a wait and watch attitude, while buyers made counteroffers at about 7,200 Yuan per ton. Overseas offers fell to US $860 - 865 per ton while buyers threw counteroffers at $850 per ton, even less.

In the afternoon, PTA futures climbed slightly under the influence of sharp rise in the domestic stock index, spot markets also improved and low price quotes from buyers also went missing.

Mainstream level in domestic market grew to 7,250 Yuan, negotiation level for overseas shipment rose to $855 per ton and even higher.

Beginning from mid-week, stock indexes and crude oil continued to rebound, sales of polyester products enlarged, which also led to a flare up of PTA futures. On Thursday, overseas offers generally rose to $890-900 per ton and domestic levels ranged between 7,400-7,450 Yuan per ton.

On Friday, PTA futures showed intensified shocks, position reduction activities were significant, indicating the market was still relatively cautious at current prices.

Fibre2fashion News Desk - India

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