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PTA offers rise in last two weeks of Dec

31
Dec '11
In the second half of December, selling offers for PTA increased at a steady pace. In the beginning of the fortnight, PTA prices opened with weak sentiment as regional buying sentiment was muted due to weak energy prices and bearish buying trend.

In the first half of the fortnight, Asian buyers were not in a hurry. In the early days of the fortnight, selling offers for PTA were in the range of US$ 1085/ton to US$ 1100/ton. In European and U.S.A market, weak cues from global economy hit the market badly. In Chinese domestic market, selling offers were around RMB 8350/ton.

In the beginning of the fortnight, selling offers for PTA in F E Asian market opened around US$ 1085/ton which increased to US$ 1100/ton by the end of the month. In S E Asian market, selling offers were in the range of US$ 1080/ton to US$ 1095/ton. In Indian market also, PTA offers were in the range of US$ 1085/ton to US$ 1095/ton.

By the end of the first half of the fortnight, the market recovered the lost charm as PTA surged up to US$ 1100/ton.

In the second half of the fortnight, PTA price continued to increase at slower pace. PTA sellers held on to their inventories released it slowly in tandem with improved buying inquiries. Selling offer in Taiwanese market was at US$ 1115/ton; whereas buying offers were at US$ 1100/ton which concluded in the range of US$ 1085/ton to US$ 1090/ton.

Optimistic economic data boosted US and German market, but PTA buyers remained highly cautious. By the end of the fortnight, selling offers of PTA crossed the benchmark level of US$ 1100/ton in Asian market. At Chinese ports, PTA cargoes imported from Korea was offered around US$ 1105/ton but traded around US$ 1095/ton. PTA imported from Taiwanese market offered around US$ 1110/ton and traded around US$ 1100/ton and above.

Chinese bonded warehouse cargoes were traded around US$ 1095/ton. In Chinese domestic market, selling offers were around RMB 8500/ton which was traded in the range of RMB 8450/ton to RMB 8500/ton. Global PTA price was on recovery track coupled with recovery in macro market.

At Chinese ports, PTA imported from Korean and Taiwanese ports were in the range of US$ 1065/ton to US$ 1070/ton at the end of the last fortnight.

Editorial Note:
Many PTA speculators expect moderated demand in the short term future.

Fibre2fashion News Desk - India


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