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PTA futures & spot market ascends
31
Aug '10
Zhengzhou PTA futures opened higher amid consolidation on August 30, but the gains narrowed in the afternoon. Contract 1101 closed at 7,842 Yuan / ton, up 40 Yuan from the previous day.

Comments from the US Federal Reserve Chairman, Ben Bernanke boosted market sentiment. In addition, crude oil futures also closed higher, which also supported PTA price.

But the market is expected to continue its consolidation trend as the market price has maintained high levels in recent days. Fears over policy tightening and foreign trade situation continue to extend.

In upstream sector, crude oil futures at New York Mercantile Exchange (NYMEX) slightly lowered on August 30, ending the gains of three consecutive days. Investors still worry whether weak US and global economies can absorb record oil supplies.

In the spot market, PTA price in East China rose, selling intention from sellers rose to about 7,450 Yuan / ton, counteroffers from buyers were 7,350 Yuan / ton and mainstream discussion was carried out around 7,350-7,400 Yuan / ton.

PTA spot market sentiment increased in Asia, offers for Taiwan produced goods were US $900-905 / ton, market inquiries were positive, mainstream discussion was around $895-900 / ton, cargo holders were obviously reluctant sellers, firm offers were rare.

Fibre2fashion News Desk - China

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