Today, the PTA market plunged by US$ 40/ton in Asian market. In China, Zhengzhou PTA futures opened low in today's early trading. PTA contract opened around RMB 10500/ton but before closing it went down to RMB 9890-10050/ton.
For decline in the market, experts mainly blamed overnight decline in crude oil and cotton futures.
In recent past, the Chinese central bank also announced raise in interest rates to curb inflation, and the rumours of cut in textile and garment export tax rebate, has also increased business panic, which may also be major reasons for bearish PTA fundamentals.
Fundamentally, the basic needs of the market can still be maintained, but generally it would be difficult for the market environment of price pairs to provide strong support for PTA, and policy efforts to increase power rationing in Jiangsu and Zhejiang, high interest rates, moreover poor demand from downstream is difficult to see more growth in the market outlook.
Since, the beginning of the May-2011, Asian PTA price was stable and was assessed in the range of US$ 1325/ton to US$ 1335/ton. In F E Asian region, PTA was quoted at US$ 1335/ton.
In Indian market, PTA stood around US$ 1340/ton. In Chinese market, price of PTA declined in the range of RMB 10500/ton to RMB 10550/ton. Allied raw material of polyester, MEG declined by RMB 200/ton and prices were assessed in the range of RMB 8550/ ton to RMB 8600/ton.
Fibre2fashion News Desk - India
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