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Zhengzhou PTA futures inch up
21
May '10
Zhengzhou PTA futures inched up on May 19. The most active contract 1009 opened at 7520 Yuan / ton, to touch an intraday high of 7636 Yuan / ton, low of 7,462 Yuan / ton and finally closed at 7,570 Yuan / ton, up 28 Yuan or 0.37 from the previous day.

PTA spot market seems to have stabilized. A few offers for Taiwan spot was still quoting at US $880 or slightly higher, some buyers made counteroffer at US $870 per ton. Some sellers offered high-quality supply produced in South Korea at US $870-875 per ton.

Buyers were temporarily at sidelines in the morning, because the market witnessed transactions near about $855 per ton yesterday. Talks for domestic supply were around 7,300-7,350 Yuan per ton.

Price of raw material Paraxylene dropped further. The price in Asian market fell by $18 per ton on Tuesday. FOB Korea closed at $971.25-972 per ton, while CFR Taiwan closed at $989.25-990.75 per ton.

Fibre2fashion News Desk

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