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PTA prices to face rising pressure
30
Apr '10
PTA Futures in Zhengzhou jumped higher on opening, but closed slightly lower on April 29. The benchmark contract TA1009 shrank 49,846 lots from the previous day to 183,224 lots and open interest reduced 1,432 to 196,244 positions.

The contract opened at 8,440 Yuan / ton, 44 Yuan / ton higher than the previous day's settlement, intraday highest was 8,450 Yuan / ton, and lowest was 8,396 Yuan / ton, to finally close at 8,386 Yuan / ton. 10 Yuan / ton lower than the previous day's settlement.

In spot market, scattered offers for PTA spot were around 8,150 Yuan / ton, discussion intention was broadly stable at 8,050-8,100 Yuan / ton, factory inquiries were light and trade enquiries too were few.

Offers for overseas supply were calm, Taiwan goods and bonded goods were traded at US $995-1000 / ton, South Korean supply was traded at $970/ ton, firm offers were roughly around $965-995 / ton.

In addition, MEG market in South China was weak, some sellers offered at 8,050-8,100 Yuan / ton, with discussion level ranging between 8,000-8,050 Yuan / ton, buyers and sellers were cautious, trade was in stalemate.

As the season gradually retreats, PTA will face rising pressure, the market is difficult to see short-term hikes and medium-term will also face greater downside risks.

Fibre2fashion News Desk - China

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