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Zhengzhou PTA futures contracts flare up

21
Oct '09
Zhengzhou PTA futures contracts rose across the board on October 20, driven by continuous rise in international oil prices. The main contract 912 moved higher amid shocks, but fell slightly before close, volume and open interest increased significantly.

The main contract 912 opened at 7,218 Yuan per ton, touched a low at 7,200 Yuan per ton and a high of 7,456 Yuan per ton to finally close at 7,390 Yuan per ton, up 180 points from the settlement of the previous trading day, or an increase of 2.5 percent. Total transactions were 580,376 lots; positions increased by 12,534 to 172,330 lots.

Downstream market conditions of PTA continued to rise, market offers of polyester chips and polyester filament yarn rose in the range of 100-200 Yuan per ton in range. At the same time, international oil prices continued to advance, giving support to PTA market. PTA is expected to sustain gains in the short term, being driven by support from upper and lower reaches.

Paraxylene closed lower last Friday and Asian market fell US $10 to $903 per ton FOB Korea and $922 per ton CFR Taiwan, compared the rise of $45.5 per ton last week (Oct12-16). European market softened $10.25 per ton due to the impact from Asian market, and closed at $830-834 per ton FOB Rotterdam.

Monday PTA spot market conditions continued to firm up, due to continuous rise in international oil prices. Seller's offers in domestic market of East China stabilized at 7,200 Yuan per ton, but buyers were looking at deals between 7,150-7,200 Yuan per ton.


Fibre2fashion News Desk - China


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