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Zhengzhou PTA futures drops under pressure
29
Dec '10
Zhengzhou PTA Futures dropped on December 28 under pressure. The main contract 1105 opened at 10,430 Yuan / ton and closed at 10,264 Yuan / ton, down 86 Yuan / ton from the previous trading day. Both futures price and positions reduced due to Korean tension and decline in electronic trade of crude oil.

In addition, downstream demand is limited, current price is approaching overbought zone, coupled with weak stock market, the market is expected to decline further. But fundamentals of PTA are good, short-term price will remain in adjusting trend, while middle and long term trends still have room for advance.

Crude oil futures at New York Mercantile Exchange (NYMEX) slightly fell in Asian electronic trade on December 28. NYMEX February crude futures closed at US $ 90.96 / barrel, down $0.04, or 0.04 percent by 3 PM Beijing time.

In Shengze fiber market, PTA price continued to rise on December 27, MEG price continued to move higher, semi-dull and super bright polyester chip prices increased, CDP chip price gained and PET bottle chip price grew.

Mainstream price of semi-dull chips was 11,500 Yuan / ton, in terms of cash payment, mainstream price of super bright chips was 13,250 Yuan/ ton, in terms of cash payment.

Spot price of CDP slice in the market was 12300 Yuan / ton, to be delivered to buyers, in terms of six months of acceptance; market price of PET bottle chip was around 12,000 Yuan / ton, to be delivered to buyers.

With textile sector entering off-season, operation rate of polyester factories remains at above 80 percent, while operation rate of factories in Jiangsu and Zhejiang has declined from 78 percent in October to current 62 percent.

Demand is sluggish, supply side faces pressures, polyester stocks increase, even stocks of polyester staple fiber have returned to normal level at 10 days on average.

The pressure of the excess liquidity and an improved US economy is expected to push international crude oil price higher and downstream sales of petrochemical products will be boosted.

With the arrival of spring shopping season, demand will be released and will become the main driving force to push PTA market higher.

Fibre2fashion News Desk - India

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