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Zhengzhou PTA futures vibrates at high level
15
Oct '10
PTA futures in Zhengzhou Commodity Exchange vibrated at high level on October 14. Main contract 1101 closed at 8,800 Yuan / ton, up 0.82 percent from the previous day. Sharp increase of cotton price has boosted demand of chemical fibers, due to which sales of polyester fibre have enlarged.

Cruel oil firmed up above US $80 / barrel, PX stabilized and rebounded, costs drove demand.

Expectation of relaxing liquidity is still strong. Experts aver that, PTA has further space for rise. Downstream demand is good at present, stocks remain at low level, and therefore, PTA market is expected to remain above normal level amid volatility.

Light sweet crude for November at New York Mercantile Exchange settled down 32 cents to US $82.69 a barrel, down 0.4 percent, the contract touched a high of $ 84.12 / barrel in the session.

Asian PX rose $43 / ton to $1,190 / ton on October 13. Mainstream PTA price rose 35 Yuan to 8,420 Yuan / ton in Jiangsu and Zhejiang area. Operating rate of PTA plants has fallen to 80 percent and that of downstream polyester holds steady at 85 percent.

In spot market, offers for domestic PTA stabilized; offers and negotiation focus slightly rebounded from Wednesday afternoon. Seller's offers for high-quality supply were closer towards 8500 Yuan / ton, counteroffers from buyers were at 8400 Yuan / ton and mainstream trading price was around 8400 Yuan / ton.

Offers for overseas spot were firm in the morning, quotation for Taiwan goods was around $1,060 / ton, and transaction talks for cargo spot were around $1045-1050 / ton. Offers for South Korea produced spot were $1025-1030 / ton; mainstream trading price was around $1,035 / ton.

Fibre2fashion News Desk - India

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