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PTA spot markets steady
01
Dec '09
Purified Terephthalic Acid (PTA) futures at Zhengzhou Commodity Exchange descended in late afternoon trades after climbing in the morning trades on Monday. The market opened slightly higher in the morning, being supported by the rebound in crude oil, but tanked in the afternoon.

Experts ascribe this to pressures from spot market adjustment and short-term financial pressure, but markets recovered before closing hours. Crude oil futures ended higher and may help support PTA market for continued consolidation.

In spot market, PTA market was relatively quiet, inquiries were relevantly tentative, domestic prices were approximately 7,650-7,700 Yuan per ton while, overseas offers remained broadly at US $925-930 per ton.

Inquiries in MEG market showed a slight increase, prices were firm, domestic prices under discussion were generally 7,050-7,100 Yuan per ton and overseas offers ranged around $840 per ton.

In the polyester market, polyester filament yarn in Zhejiang was steady on the whole, offers from factories for products mainly based on POY declined by 100-200 Yuan per ton in individual markets.

Fibre2fashion News Desk - China

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