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European debt panic still encircles PTA market
03
Jun '10
Market panic created by the debt crisis in Europe is still widespread. Zhengzhou PTA futures index TA1009 fell 32 points to close at 7,440 Yuan / ton on June 2, while PTA price fell 100 Yuan / ton to 7,200 Yuan / ton in spot market.

Looking at upstream sector of PTA, NYMEX July crude oil on electronic session remained at US $72/ barrel amid the game of summer peak of oil consumption against the rise of U.S. dollar.

PX spot price of CFR China / Taiwan LC30-45 days fell by $27 to $898 on Tuesday. The disadvantage is that the production cost of PTA is only 6,000 Yuan / ton, which means profit from production is over 1,000 Yuan per ton.

Looking at downstream sector, polyester prices in Jiangsu and Zhejiang markets fell on the day. Traditional off-season demand ahs also set in. The European debt crisis has also brought a negative impact on China's textile and clothing exports.

In addition, the RMB appreciation and rising labor costs have created further pressures on textiles and garment, which can create an impact on PTA trends.

Fibre2fashion News Desk - China

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