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PTA futures close in positive zone on Aug 13
16
Aug '10
Zhengzhou PTA futures edged higher at opening on August 13 and moved upward amid shocks in the afternoon, the market finally closed in positive area.

The most active contract 1101 opened at 7,650 / ton, touched an intraday high of 7,722 Yuan / ton, a low of 7,600 Yuan / ton and finally closed at 7,722 Yuan / ton, up by 124 Yuan, or 1.63 percent higher than the settlement price of the previous day.

On the day, crude oil futures moved higher and China's stock market too rebounded. However, currently PTA is still in a state of high-margin, high operating rate and high inventory, due to which PTA outlook is not optimistic.

New York crude oil futures price once fell to US $75.66 / barrel on Aug 13, as a result of market speculation that the US economic slowdown would lead to increased fuel stocks, however, September crude oil futures rose by $0.91 to $76.65 / barrel.

Meanwhile, The Ministry of Commerce announced the final ruling on imposing anti-dumping duty on PTA imports from South Korea and Thailand from August 12. However, experts believe that the ruling will have little effect on domestic PTA industry.

In addition, the Ministry of Industry and Information Technology announced on August 8, the list of enterprises with backward production capacities to be eliminated in 18 sectors, which includes 673,850 tons in chemical fiber industry.

After entering 2010, sales and exports of chemical fiber industry have resumed growth. According to data from the National Bureau of Statistics, chemical fiber production recorded 14.47 million tons from January to June, up 13.43 percent year on year and exports registered 792,000 tons from January to May, up 50.21 percent year on year.

In industrial news, the 1.3 million tons / year PTA plant of Sinopec Yangzi Petrochemical is undergoing a regular overhaul for one month, which began from August 13.

The PTA plant of 600,000 tons / year operated by Formosa ABS Plastics (Ningbo) Limited Company plans to shut down the plant on September 10 for about two-weeks routine maintenance.

Fibre2fashion News Desk - China

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