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Zhengzhou PTA futures decline
27
Oct '10
PTA contract 1101 in Zhengzhou market closed down 0.37 percent to 8716 Yuan per ton on October 26, downstream demand did not rapidly decline, which helped in providing further support to the market.

December crude oil contract at the New York Mercantile Exchange (NYMEX) closed up US $0.83 or 1.02 percent to US $82.52 a barrel on October 25. The increase of crude oil price will expand chemical costs and will prove favorable for futures price.

Mainstream trade of PTA in Jiangsu and Zhejiang areas was steady at 8430 Yuan / ton. Operating rate of PTA plants is stable at 81 percent; operating rate of downstream polyester sector is steady at 84 percent.

In Shengze fiber market, polyester filament market increased, market atmosphere improved especially production and sales of POY increased. Operation rate of downstream weaving sector was stable. Fiber spinning factories intended to raise their prices, as October settlement of polyester raw materials and chips has been introduced.

Mainstream price of semi-dull chips was generally around 10,700 Yuan per ton in cash payment, while mainstream price of super bright chips was generally at 10,600 Yuan per ton.

CDP chips were traded at 11,550 Yuan per ton with 6-months acceptance to be delivered to buyers. PET bottle chips were generally traded at 10,900 Yuan per ton to be delivered to buyers.

Fibre2fashion News Desk - China

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