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PTA contract futures on the upswing
24
Nov '09
On November 23, Chinese PTA futures contracts maintained a soaring momentum. Main contract '1001' opened 90 points higher at 8,004 Yuan per ton, and in the process broke the psychological barrier of 8,000 in the morning.

Early morning trades ranged between 8,020-8,040 Yuan per ton. The momentum strengthened in the afternoon and touched 8,200 Yuan per ton towards closing time, but finally closed at 8,144 Yuan per ton, 230 points higher than the closing price of the previous day.

In PTA spot market, East China market was steady, sellers were quoting at 7,650 Yuan per ton, while counteroffers from downstream sector were at about 7,600-7,650 Yuan per ton, but sellers were reluctant at low levels, due to which market transactions were light.

In spot import market, PTA market conditions remained stable, suppliers quoted at US $925-930 per ton, but inquiries from downstream sector were scarce, actual price in negotiations was at $920 per ton.

In raw materials market, US dollar was weak. January contract of crude oil in US Nymex rose US $1 to US $78.47 per barrel overnight, PX prices in Asia too rose by $1.5 to $1045.5-1046.5 FOB Korea overnight and FOB Taiwan rose by $1.5 to $1060.5-1061.5.

Fibre2fashion News Desk - China

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