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PTA market in comatose state as spring festival approaches
10
Feb '10
Chinese Zhengzhou PTA futures contracts closed higher amid fluctuation on Monday, but overall positions reduced by 2,870 to 179,202 lots. The main contract 1005 opened higher, but wavered lower by mid-session and daily K-line closed slightly lower.

Trade volume and open interests shrank. Analysts believe that downstream polyester plants have basically completed purchase activities, fundamentals are bearish, which do not support rise in prices.

Due to the impact of decline in crude oil prices, Paraxylene fell sharply in Asian markets last Friday, FOB South Korea closed down by US $32.25 to $1,018-1,019 per ton and CFR China too fell by $32 to $1,035-1,036 per ton.

As it is close to Chinese New Year holidays, sentiment in PTA spot market is turning light, prices remain relatively stable. In East China, offers for domestically produced PTA stood at around 7,950 Yuan / ton.

A few PTA plants have undertaken maintenance work during the Chinese Spring Festival, along with which some downstream polyester manufacturers are thinking on the same lines. Most of downstream polyester plants have finished purchase activities.

This week (February 8 to 12) will be the final trading week before the Spring Festival; PTA demand will be extremely light. Therefore the market is expected to be weak amid fluctuation before the holiday, correction room should be limited.

Fibre2fashion News Desk - China

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