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PTA futures continue to decline

04
Sep '09
Affected by overnight plunge in Paraxylene (PX), futures contracts of PTA also plunged. The most active 'Contract 910' opened 170 Yuan lower than its closing on September 1 and then stayed put at 7,260 Yuan per ton.

By the end of the day, the contract declined quickly under selling pressure and was down by 300 Yuan, when compared with the closing of the previous day. Trade volumes were narrow and open positions increased.

In the spot market, due to continued drop in futures, Asian PTA prices continued on a downward trend and offers for spot goods weakened to 7,300-7,400 Yuan per ton, but buyers were still adopting a wait-and-watch attitude.

Overseas offers for PTA fell to US $880 per ton, but despite that buyers had a different view point and quoted counteroffers at around $850-860 per ton. Asian PX plummeted by $45 to $960 per ton FOB Korea overnight.

On the consumption side, capacity utilization of PET plants remain unchanged, polyester fiber market continues to be poor, production and marketing of polyester plants were impeded and fabric factories were not active in purchasing materials.

Fibre2fashion News Desk - China


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