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PTA market expected to maintain weak pattern
May '10
The Chinese Zhengzhou PTA futures advanced across the board on May 27. Contract 1009 opened at 7,406 Yuan / ton, to hit an intraday high of 7,532 Yuan / ton, the lowest fell to 7,394 Yuan / ton, and finally closed at 7,526 Yuan / ton, up 128 Yuan or 1.73 percent from May 26.

The trade volume registered 648,600 and positions totaled to 269,616. From a technical standpoint, although intraday price of PTA was higher, Japanese K-Line was suppressed under the 5-day moving average; therefore, overall market looked not so optimistic.

In the PTA spot market, market conditions in East China stabilized and a few offers were quoted around 7,300 Yuan / ton, however, buyers were mostly waiting and watching, while actual negotiation was around 7,200-7,250 Yuan / ton.

Market climate of Asian PTA spot showed stabilization, a few offers for Taiwan goods were around US $870/ ton, sellers were reluctant sellers at lower level; actual negotiation was around $860-865/ ton. South Korean goods stood at around $840-845 / ton in negotiation. Firm offers were rare.

Xylene increased by $4 to close at $869.25-870.75 / ton (FOB Korea) and $887.25-888.75 / ton (CFR) China on Wednesday.

Operational rate of PTA producers is above 90 percent as profit margins are higher, so spot market has plenty of supply. But downstream demand is about to enter its low season; therefore, PTA market is expected to maintain weak pattern amid shocks.

Fibre2fashion News Desk

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