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Zhengzhou PTA contract futures up
24
Jan '11
Zhengzhou PTA contract 1105 closed at 11,034 Yuan per ton on January 21, up 0.97 percent from the previous day, in following cotton prices.

February contract of crude oil at the New York Mercantile Exchange (NYMEX) fell US $2 or 2.2 percent to US $88.86 a barrel on January 20. Data from US Department of Energy showed that inventories of US crude oil rose 2.62 million barrels last week, an increase for the first time in seven weeks, while the market expected a reduction. Distillate stocks increased 1.04 million barrels; gasoline stocks increased 4.44 million barrels, which provided pressures on the market.

Data of China's gross domestic product (GDP) from National Bureau of Statistics exceeded market expectations, while consumer price index (CPI) fell below market expectations, it could lead to more active measures taken by the Chinese government to cool economy and such worries dragged down the trend of oil market.

PTA price was stable in Shengze fiber market on January 20, MEG price fell, semi-dull polyester chips and super bright polyester chip prices rose, CDP chip and PET bottle chip price was stable.

Mainstream price of semi-dull chips was 12,800 Yuan / ton in terms of cash payment, price of bright chips was 12,700 Yuan / ton in terms of cash payment, CDP slice was traded at 13,600 Yuan / ton in spot market, in terms of six months of acceptance, general price of PET bottle chips was 12,900 Yuan / ton in the market, to be delivered to buyers.

Polyester spinning plants faced no stock pressures, but spot trade was weak, in addition, rain and snowy weather also reduced transaction volumes. Polyester filament market showed an upward trend ranging from between 100-300 Yuan, due to price increase of raw materials.

Fibre2fashion News Desk - China

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