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Chinese PTA futures edge up
16
Sep '10
Chinese Zhengzhou PTA futures edged up on September 15. The main contract 1101 opened at 7,902 Yuan / ton, to touch a intraday high of 7,984 Yuan / ton and lowest at 7,884 Yuan / ton, to finally close at 7,948 Yuan / ton, up 34 Yuan, or 0.43 percent from the previous day.

Looking from short term angle, PTA moved slightly higher on the day, being supported by stronger fundamentals, the market bucked up, as enterprises expand demand, to consolidate stocks for traditional Mid-Autumn Day and the National Day.

In upstream sector, spot price of WTI crude oil was US $77.27/ barrel (+0.83) on previous day, naphtha price was $693 / ton, up by $6 (CFR Japan), MX was priced at $849 / ton, also up $15 (FOB Korea) and PX was priced at $979 / ton, up $18 (FOB Korea).

In plant news, PTA supply is expected to be tight till September-end in Asia, as several major Asian manufacturers shut-down for overhaul.

In downstream sector, exports of domestic bottle chips increased, offers from factories were mostly at $1200 / ton (FOB China main port), actual negotiation level was around $1190 / ton and bids from buyers were around $1180-1190 / ton.

Fibre2fashion News Desk

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