China : PTA futures to be volatile in short-term

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PTA futures to be volatile in short-term

23
Dec '10

Zhengzhou PTA futures slightly declined on December 22. Mainstream contract 1105 opened at 10,100 Yuan / ton and closed at 9,934 Yuan / ton, down 32 Yuan / ton, from the closing of the previous trading day.

PTA futures opened higher on the day as crude oil continued upwards, PX prices remained high, coupled with a strong rise of cotton price, but concerns over risks of European debt market increased, which made PTA futures to correct. Short-term market is expected to maintain volatility and adjustment.

Crude oil futures in Asian electronic trade at New York Mercantile Exchange (NYMEX) extended gains to above US $90 dollars a barrel on December 22, support was from unexpectedly sharp fell of US crude oil inventories.

February crude futures at NYMEX grew by $0.22 to $90.02 / barrel. Cold weather pushed up oil prices and institutional investors are expected to hold more long positions.

In downstream market, polyester weaving factories and traders expected polyester filament market to be bearish, holding volume was small, while polyester raw material prices were firm; short-term market of polyester filament will witness larger trade volume and stable price.

Fibre2fashion News Desk - China

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