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PTA markets expected to gain in short term
Apr '10
In the just concluded week, PTA price in East China maintained a steady upward trend. The market price increased from 8,200-8,250 Yuan / ton in early part of the week to 8,250-8,300 Yuan / ton on Friday, a gain of 50 Yuan / ton in the week.

In early week, PTA futures opened higher amid volatility, due to the impact of continuous rise and recent new highs of crude oil, due to which, offers for PTA spot increased to 8300 Yuan / ton.

Towards the weekend, cargo holders were obviously reluctant sellers, the market maintained strong momentum and overall market sales of polyester turned better, which led to demand for PTA.

During the report week, the Asian PTA spot market showed a steady upward trend, price improved from US $990-995/ ton in early week to US $995-1000/ ton. CFR China (L/C90 days) too gained $5 in the week and for Taiwan produced goods it increased to US $1000 / ton.

Significant increase of textiles exports and very good polyester sales in downstream sector will provide some support to PTA production; therefore, Asian PTA is expected to steadily improve in future days.

Fibre2fashion News Desk

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Courtesy: Commonwealth Bank of Australia

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