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Chinese PTA trends firm on Mar 23
24
Mar '11
On March 23, China's PTA markets showed firmness with great trade volume and considerable price rise.

In PTA futures, contract 1109 gained 120 Yuan from the previous trading day. It opened at 11,550 Yuan per ton and recorded intraday high of 11,618 Yuan / ton. In the mid session it dipped to 11,440 Yuan / ton, to finally close at 11,594 Yuan / ton.

Contract 1105 hit intraday high of 11,760 Yuan / ton and a low of 11,652 Yuan / ton, finally closing at 11,742 Yuan / ton. It increased by 130 Yuan / ton from the previous trading day.

In East China PTA markets, the sentiment was firm despite wait and watch approach by factories. Though there were few firm offers, intention offers of spot goods were around 11,700 Yuan / ton while mainstream talks were around 11,600 Yuan / ton.

On March 23, Asian PX witnessed no change, closing at US $1757.00-1758.00 / ton (FOB Korea) and US $1777.00-1778.00 / ton (CFR Taiwan).

Asian PTA spot market too showed firmness. Though most of the sellers were reluctant to sell at low prices, offers for Taiwan goods recorded price range of US $1540-1545 / ton. On the other hand, mainstream talks were around US $1530-1535/ ton but actual transactions were limited.

In Jiangsu and Zhejiang markets, very low trade volume was recorded in semi-dull chips recording price range of 13,700-13,750 Yuan / ton. These deals were with a condition of 3-month acceptance. In cash payment deals some transactions took place at 13,500-13,550 Yuan / ton.

In Jiangsu and Zhejiang markets, polyester staple fiber market weakened. In cash payment deals, mainstream ex-factory offers recorded 14,900-15,000 Yuan / ton. Semi-dull 1.4D to be delivered at buyer's destination was traded at 14,600-14,700 Yuan / ton, in cash payment deals.

Fibre2fashion News Desk - India

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