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PTA futures close higher
26
Jul '10
The most active contract 1009 at Zhengzhou PTA futures opened at 7,182 Yuan / ton on July 23 and touched a high of 7228 Yuan / ton, a low of 7162 Yuan / ton to finally close 7200 Yuan / ton, 88 Yuan higher than the settlement price on July 22.

Asian PX closed at US $847.50-848.50/ ton (FOB Korea) and $862.50-863.50/ ton (CFR Taiwan) on July 22, up $1 from the previous day.

In the Chinese domestic spot market, market sentiment of PTA in East China was light; offers for spot were around 7,100 Yuan / ton, market traders showed poor interest, buyer's inquiries were light. Mainstream talks were towards lower-end of 7000-7050 Yuan / ton range.

PTA spot in Asian market set back, a few offers for Taiwan produced goods stood around $855-860/ ton, a few inquiries were at about $850/ ton, talks focused towards lower-end at $850-855 / ton range, but, however, firm offers were light.

In the downstream market, despite rise in crude oil prices, semi-dull chip markets in Jiangsu and Zhejiang were still stable on the day, most factories were adopting a watch and wait sentiment. Offers were mostly in the range of 9000-9100 Yuan / ton (by cash or by three-month acceptance) with actual negotiations ranging between 8950-9050 Yuan / ton.

Mainstream offers from polyester staple fiber manufacturers were reported at 9400-9500 Yuan / ton, actual negotiation level was 9250-9500 Yuan / ton. Trends in polyester fiber markets in Jiangsu and Zhengjiang were mixed.

Fine denier POY and FDY still had demand, while coarse denier FDY softened, DTY provided more discount in offers. Present price of polyester POY in mainstream discussion marked 11200-11250 Yuan / ton; polyester FDY was reported at 12,100 Yuan / ton, polyester DTY stood at 12500-12650 Yuan / ton.

PTA is still difficult to reverse the temporary situation of oversupply judging from a fundamental perspective, as international crude oil rises sharply, PX spot is flat, spot market and downstream market increase slightly amid basic steadiness.

Fibre2fashion News Desk

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