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PTA futures post modest gains
11
Jun '10
Zhengzhou PTA futures made a modest increase on June 10. Contract 1009 closed at 7220 Yuan / ton, up 66 Yuan, or 0.92 percent from the previous day, trade volume registered 354,200, open interest represented 192,668 positions.

The market received some support from price increase of crude oil. PTA spot market continued on the path of a slow recovery. Polyester market remained stable. Improvement in upstream and downstream sectors gave support to PTA market; therefore, the market is likely to see rebound in the short term.

In upstream market, crude oil futures at the New York Mercantile Exchange (NYMEX) rose to a 4-week high on June 10, breaking the US $75 per barrel mark. It was the first time that crude oil futures moved higher for three consecutive days, since the end of April.

July contract of light sweet crude at New York Mercantile Exchange rose $1.10 to close at $75.48 a barrel, or up 1.5 percent to mark the highest settlement price of the contract since May 12. Intraday trading was in the range of $73.72-76.30 per barrel.

PTA spot continued the modest rebound pattern noticed in the early part of the week. Offers from sellers in the morning reached 7050-7100 Yuan / ton, however buyer's intentions was around 6950-7000 Yuan / ton.

Offers for Taiwan stock increased to US $845/ ton, offers from some buyers increased to around US $830-835/ ton, inquiring atmosphere was moderate, sellers were reluctant sellers at low-cost and only a few deals were struck.

Fibre2fashion News Desk - China

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