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Asian PTA market continues weak sentiment
Apr '11
As crude oil fell sharply; PX price remained stable and cost support of PTA weakened. The market has mostly digested the bullish factors after a rally for four consecutive trading days but PTA continued to bear pressure due to poor cost factor.

PX stabilized at US $1631-1632 / ton (FOB Korea) in Asia, $1614-1618 / ton (FOB Rotterdam) in Europe and $1655-1660 / ton (FOB US Gulf) in the United States.

East China spot and domestic PTA market, weakened further, as most of the traders were cautious in dealings. Here few offers from holders recorded price level of 11250-11300 Yuan / ton but actual negotiated price was around 11,200 Yuan / ton.

In Asia, PTA market continued its weak sentiment and in some case Taiwan goods were traded at US $1460/ ton but firm offers were very few. In mainstream market, prices were around US $1450/ ton while Korean cargoes were traded at US $1440/ ton. In this segment too, firm offers were very negligible.

Zhengzhou PTA futures weakened further and the most active contract 1109 declined 220 Yuan / ton closing at 10,802 Yuan / ton. As crude oil and cotton fell sharply overnight, PTA is expected to continue weak trend in the short term.

Though downstream demand is on improvement, domestic inflation is still a factor to worry. The domestic inflation rate needs to be relaxed. Due to this reason, PTA will be mainly based on a short-term shock trend.

Fibre2fashion News Desk

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