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Chinese PTA futures dip on Friday
22
Mar '10
Zhengzhou PTA futures contracts in China, stumbled lower on Friday, the most active contract 1005 fell and eventually closed at 8,182 Yuan / ton, down 36 points or 0.44 percent compared with March 18.

International oil prices too fell down last Friday, due to a strong dollar and hike in interest rates in India. The pressure of polyester stock in Chinese downstream market is still large, due to which, short-term market of PTA will lack momentum.

Paraxylene markets in Asia fell US $1 on Thursday. FOB South Korea closed at $1,026.25 / ton and CFR Taiwan closed at $1,045.25 / ton.

Market conditions of PTA spot remained stable both for Chinese domestic supply and overseas supply. Offers by sellers in East China for domestic supply ranged in between 8,050-8,100 Yuan / ton, however offers were light.

Market of overseas offers is stable in China. Offers for Taiwan goods and bonded goods stood at $985/ ton, offers for South Korean cargo marked $940 / ton and firm offers ranged in between $935-975/ ton.

As it was close to the weekend, the market appeared in strong wait-and-see sentiment, actual trade was still light.

Fibre2fashion News Desk

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