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PTA expected to witness intensified shocks in short term
15
Dec '09
The main PTA futures contract 1002 at Zhengzhou widely fluctuated on December 14. Settlement price rose 36 points, or 0.46 percent compared with December 11 and the PTA markets are expected to witness intensified shocks in short term.

The news that, the emirates of Abu Dhabi will provide for US $10 billion of the $55 billion debt of the Dubai government, provided stimulation for investors to re-invest funds in higher risk assets.

Raw material of Paraxylene closed firm last Friday. In Asian market, FOB South Korea closed steady at US $1,123.25-1,124.25 per ton and CFR China closed up by $2 to $1,140-1,141 per ton.

Northwestern Europe rose by $30 to $1,025 per ton, FOB Rotterdam following the Asian rally.

PTA spot market conditions continued to slump down on Monday, offers by sellers in domestic material market fell to 7,750-7,800 Yuan / ton. Overseas offers were around $950 per ton and trade volumes remained relatively light.

In general, international oil price which slipped below the $70 per barrel mark increased negative effects on PTA. Moreover, although operation rate of downstream polyester enterprise was at 78 percent, stock pressures gradually accumulated.

The market will enter traditional low season from mid-December and exports will continue to decline.

Fibre2fashion News Desk - China

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