Zhengzhou PTA futures opened higher on November 3. The main contract 1105 closed at 9,230 Yuan / ton, up 66 Yuan, or 0.72 percent from the previous day, due to impact of higher crude oil and slight increase of PX price, as well as stable demand from downstream markets.
In addition, PTA market has seen tight supply situation in recent days. PTA price has maintained an upward trend and the markets are expected to gain further as crude oil closed higher, overnight.
Crude oil futures at New York Mercantile Exchange (NYMEX) settled higher on November 3, holding its early gains. December light sweet crude oil futures at NYMEX rose 79 cents to $84.69 a barrel, or up 0.9 percent. The contract has risen 4 percent this week and it once, even hit a six-month intraday high of $85.36 per barrel.
In Asian market, sentiment of PTA spot continued to rise. Offers for bonded cargo produced in Taiwan were quoted at $1085 / ton, market inquiries were positive, mainstream discussion was around $1078-1080 / ton.
Mainstream discussion for South Korea produced goods was around $1060-1065 / ton. PTA market in East China continued to advance, offers from holders rose to about 8,850 Yuan / ton, buyers were actively seeking supply, counteroffers were around 8750 Yuan, and mainstream discussion was around 8750-8800 Yuan / ton.
Fibre2fashion News Desk - China
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