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PX spot prices continue ascending
Dec '09
PX spot prices in China continued to grow strongly on Thursday and prices of polyester products also generally increased by 100-200 Yuan per ton, which helped offset the negative impact of overnight plunge, in crude oil prices.

PTA futures continued to rally, the main contract 002 opened at 8,088, 72 points higher than the previous settlement, the contract moved higher all the way during the session, and consolidated before closing time.

Spot enquiries rose sharply in the morning hours, after which they tapered off. Suppliers were quoting at around 7,900 Yuan / ton to which, buyers made counteroffers around 7,750-7,800 Yuan / ton and some deals were also struck around 7,800-7,850 Yuan / ton.

Overseas offers from Taiwan and South Korea stood at US $950-955 for spot supply, with one individual higher offer touching $960 per ton, discussion in the morning was fair, with talk levels ranging around $945 per ton.

In the afternoon, PX spot displayed strong trends, coupled with rising discussion level led by spot inquiry, general offers rose to US $955-960 per ton with trading and negotiating level close to $950 per ton. In Jiangsu market, one deal of spot supply touched $950 per ton; sellers were reluctant sell below the price level.

Fibre2fashion News Desk - China

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