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PTA futures market holds short-term upside momentum
23
Feb '10
The main PTA futures contract 1005 at Zhengzhou market in China opened sharply higher on February 22, and closed 78 points over February 12. Analysts believe that strong cost support derived from PTA market, would help the market hold short-term upside momentum.

Asian Paraxylene closed US $2 per ton higher. FOB South Korea closed at US $988-989 / ton, while, CFR China closed at US $1,005-1,006 / ton. It was learnt that buyer's intention stood at around US $1,000 per ton (CFR), but the market did not see firm offers.

After the Spring Festival holidays, downstream markets of PTA and polyester chips rose marginally. Outside offers moved higher, offers for general cargoes ranged in between $960-970 per ton, merchants have gradually returned to the market, but earlier transactions levels are still to be restored.

Overall, international oil prices increased for four consecutive trading days during the Spring Festival and crude oil futures contracts in New York broke the $80 a barrel mark. Downstream PET market also pushed up slightly, so PTA market holds some upside momentum.

In company news, Jialong Petrochemical Company plans to start operation of its nearly completed PTA plant (60 million mt / year) in March 2010. The company has signed PX procurement contracts with three domestic factories for supply from January to December.

Fibre2fashion News Desk - China

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