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PTA futures fall on news of likely cut in Spanish sovereign rating
17
Dec '10
PTA futures contract 1105 at Zhengzhou Commodity Exchange fell 1.02 percent to close at 9,752 Yuan per ton on December 16, due to poor sales of downstream products and likely to be lowered Spanish sovereign rating.

January crude futures at the New York Mercantile Exchange (NYMEX) rose by 34 cents to settle at US $88.62 a barrel on December 15. Moody's said it may cut sovereign rating of Spain, which caused worries over the debt situation in the Euro zone.

In Shenze fiber market, PTA price fell, MEG price declined, prices of semi-dull polyester chips and super bright polyester chips were stable, CDP chip price stabilized, PET bottle chip was stable.

Semi-dull polyester chips were offered at 11,300 Yuan / ton in terms of cash payment, bright polyester chips were quoted at 11,200 Yuan in terms of cash payment, trade price of CDP slice in spot market was 12,400 Yuan / ton (to be delivered to buyers within 6 months in terms of acceptance) and transaction price of PET bottle chips was 11,800 Yuan / ton (to be delivered to buyers).

Downstream consumers of polyester filament were very cautious and lacked purchasing power. Texturizing factories were cautious in procurement of raw materials, trading atmosphere of polyester filament was light, trade volume reduced.

Production and sales of spinning plants were mixed and stock pressure of polyester filament increased and spinning fiber plants put their focus on making shipment.

Fibre2fashion News Desk - China

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