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PTA futures on weak path

21
Sep '09
In the just concluded week, PTA futures fell sharply after opening due to continued slump of sales of polyester products. On Monday, main contract 911 fell and negotiated level of domestic offers fell to about 6,900 Yuan per ton. Overseas offers were at US $810-815 per ton and actual turnover was light.

On Tuesday, the market displayed a state of inertia, though rate of decline slowed down, and offers were quoted around 6,850 Yuan per ton or less. Overseas offers stood at $805-810 per ton with two transactions of Korean cargoes closing deals at $810 per ton.

On Wednesday and Thursday, the market stabilized. Domestic offers quoted around 6,850-6,900 Yuan per ton and overseas offers were at $810 per ton.

On Friday, PTA futures fell once again and market confidence was once again affected. Counteroffers from buyers were at lower level, while sellers were mostly waiting and watching. Discussion level of PTA prices stood around 6,800-6,830 Yuan per ton and overseas offers at $810 per ton, but almost no transaction were reported.

PTA market sentiment seems difficult to turn for the better before the National Day holiday. An increase in supply in upstream PX is expected and at the same time, downstream production and sales will still be flat, leading to an increase in pressure on both inventory and sales.

Call for production cuts are expected to be increasingly strong. Both, upstream and downstream sectors are facing significantly disadvantaged circumstances and it will hard for PTA to perform well on its own strengths, leading experts to aver that, PTA market is expected to mainly maintain weakness in the current week.

Fibre2fashion News Desk - China


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