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PTA futures rise sharply
Aug '10
Zhengzhou PTA futures rose sharply on August 2. The most active contract 1101 closed at 7,736 Yuan / ton, up 136 or 1.79 percent. PTA futures continued on a strong trend from the previous day.

International commodity futures markets moved broadly higher on July 30, as warming U.S. economic data boosted market sentiment and promoted a general rise in domestic commodity markets.

Current spot market retains strong momentum. PTA market fundamentals see no major negative factors, situation from upstream and downstream sectors is good, and the market is expected to maintain good momentum shortly.

In upstream sector, crude oil futures at the New York Mercantile Exchange (NYMEX) broke US $80 per barrel on August 2, for the first time since May. September contract of light sweet crude oil futures rose by US $2.39 to $81.34 a barrel, or 3 percent.

Brent crude futures contract at ICE Futures Exchange too increased $2.77 to $80.95 a barrel, or 3.5 percent.

In the PTA spot market, the rally continued in the morning after opening, negotiation level moved higher to near 7200 Yuan. In the afternoon, mainstream price was around 7200-7230 / ton, market sentiment looked normal.

Offers for domestic MEG were strong in the morning, most offers were up to 6500 Yuan / ton; offers for overseas supply were still strong at $740-750 / ton and individual offers for bonded goods were at $770 / ton.

With sharply higher PTA futures, buying at lower level appeared better in the market, plants held lower stocks, spot supply of polyester materials rose sharply, particularly MEG, with support from costs, some polyester staple fiber plants increased prices in the afternoon.

Polyester filament market was steady, individual plants increased prices of fine denier POY, DTY and FDY moderately by 50-200 ton / ton. Mainstream offers for POY, DTY, and FDY (150D) were 11000-11300, 12300-12600 and 11700-12000 Yuan / ton, respectively on cash payment.

Mainstream manufacturers in Tongxiang were informed of electricity cuts since last night and currently, local manufacturers of texturing filament, composite filament and chips have cut production rates by 30 percent, due to electric outages.

As the weather is hot in recent days, the Government is expected to continuously monitor electricity consumption, which could lead to production cuts of PTA downstream producers, so PTA demand is expected to decline in the short term.

Fibre2fashion News Desk - China

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