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Zhengzhou PTA futures soften amid volatility
Nov '10
Zhengzhou PTA futures soften amid volatility on October 29. The main contract 1105 opened at 9,066 Yuan / ton, intraday high hit 9,124 Yuan / ton, lowest mark fell to 8,966 Yuan / ton and finally closed at 9,012 Yuan / ton, down 60 Yuan or 0.66 percent from the previous day.

Pressure on macroeconomic environment has increased, downstream sector tends to wait and watch. However, crude oil price stood above US $80 per barrel and PX price continued to rise, giving support to PTA. Spot market, downstream sector and cotton market are firm, PTA market is expected to maintain an adjustment posture, but the market still has some room to rise.

In plant related news, Shanghai Petrochemical, Ningbo Formosa Chemicals and Dalian Yi Sheng started maintenance in October. Maintenance of a number of Asian plants in September and October has affected supply of Asian PTA.

In downstream sector, MEG price fell, semi-dull chips and super bright polyester chips were under price consolidation and CDP chip price unchanged. Mainstream price of semi-dull chips was 10,700 Yuan / ton (cash payment).

Mainstream price of super bright chips was quoted at 10,600 Yuan. CDP slice in spot market was assessed at 11,550 Yuan / ton (six-month acceptance) and PET bottle chip prices stood at 10,900 Yuan / ton.

According to reports emanating from the Ministry of Commerce, China increased imports of crude oil from Saudi Arabia, Iran, Iraq and Kazakhstan in September. Imports from Saudi Arabia ranked first at 4.498 million tons, up 18 percent compared with August; those from Iran were 2.446 million tons and from Iraq, 1.41 million tons.

China's September purchase of crude oil was 35 percent over the original plan and has now become the second largest oil consumer after the United States.

Fibre2fashion News Desk - China

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