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PTA futures stumble
08
Feb '10
Chinese Zhengzhou PTA futures contracts stumbled lower on Friday last week, due to the impact of the drop in international oil prices overnight. Main contract 1005 opened lower and then moved upward amid shocks to finally close at 8,050 Yuan / ton, down 94 points, or 1.15 percent compared with previous settlement.

Asian markets fell US $4 per ton. FOB South Korea closed at $1,050.25-1,051.25 per ton, while CFR China settled at $1,067.25-1,068.25 per ton.

PTA spot market was flat and slipped down on Friday, East China market fell 100 Yuan / ton and offer intention from sellers fell to 7,950 Yuan / ton. In general, international oil prices plummeted, raw materials of xylene recovered after decline, providing greater bearish impact on PTA market.

Downstream demand is dwindling before the Spring Festival; therefore, it seems unlikely that PTA market will reverse the downturn situation at present. However, the decline in PTA market is expected to be limited, as some market participants expect bullish trends after the Spring Festival.

Fibre2fashion News Desk

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