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Zhengzhou PTA Futures rebound sharply
17
Nov '10
Zhengzhou PTA Futures rebounded sharply on November 16, showing relative resilience against declining trend. Main contract 1105 opened at 10,020 Yuan / ton, the intraday highest hit 10,500 Yuan / ton, while the lowest fell to 10,000 Yuan / ton and finally closed at 10,328 Yuan / ton, up 314 Yuan, or 3.14 percent from the previous day.

Market outlook shows that tight downstream inventories support sharp rebound of PTA price. However, the market is concerned about the fact that the central bank will raise interest rates, which is expected to let the market remain in shocks for a short period of time.

Asian electronic trade of crude oil futures at New York Mercantile Exchange (NYMEX) fell for the third day on November 16, because the New York Fed manufacturing index unexpectedly fell in November, suggesting that the recovery in US oil demand may slow down.

NYMEX December crude oil futures settled down by $ 0.60 to $ 84.26 a barrel, trading range was $84.2 to $84.74 on November 15. Analysts said the market is still filled with pessimism and concerns about the Irish sovereign debt and economic health of the United States gives pressures to the market.

Currently PX supply in Asian market is still tight, Sinopec once again raised PX price for November to 10,200 Yuan / ton, however, procurement enthusiasm from downstream sector is still high. Although market sentiment in Asian PTA spot market shows a little panic, the price is still more by $170 / ton, than those prevailing on the previous Tuesday.

In Shengze fiber market, mainstream price of semi-dull chips was 13,000 Yuan / ton (cash payment), price of bright chips was 12,900 Yuan / ton (cash payment). Trade price of CDP slice in spot market was 14,500 Yuan / ton (to be delivered in six months in terms of acceptance) and market price of PET bottle chip was 13,200 Yuan / ton.

Fibre2fashion News Desk - China

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