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PTA futures to remain weak in short term
May '10
Zhengzhou PTA futures market sharply fell on May 5, the most active contract 1009 opened at 8,200 Yuan / ton, reached an intraday high of 8,284 Yuan / ton, dipped to lowest of 8,200 Yuan per ton to finally close at 8,284 Yuan per ton.

Trade volume registered 170,000 lots; positions reduced 6,522 lots to 195,014 lots. Looking at top 20 contracts, the long side fell by 1,291 positions, the short side reduced by 2,421 positions, and present net longs were 13,500 lots.

In the polyester chips market, traders held a wait and watch attitude. Some high quality manufacturers offered semi-dull chips at 10,200 Yuan / ton (acceptance within 3 months), while some plants provided at 10,000 Yuan per ton, payment in cash.

Polyester staple fiber market was mostly stable, trade volume was light, trade focus slightly lowered.

The filament market was influenced by external environment and price decline of raw materials, especially POY, due to which, many polyester plants reduced their POY price by 200 Yuan per ton.

Market atmosphere of polyester filament in Zhejiang was weaker; some factories reduced their offers by 200 Yuan per ton, while offers for DTY, FDY were mostly stable.

At present commodity futures markets and stock market are weak in face of negative factors, PTA futures can hardly avoid being affected, the market is expected to remain weak in the short term.

Fibre2fashion News Desk - China

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