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Asian PTA prices end their rising trend

17
Nov '09
Purified Terephthalic Acid (PTA) futures at Zhengzhou Commodity Exchange moved sideways amid shocks on Monday. The market opened slightly higher in the morning, but saw volatile prices through the morning sessions and quickly dove down after midday.

Trade volume and open interest decreased, the final K-line of the day closed in a small negative area. Crude oil too rose on Monday and may provide support to PTA, to climb back to its original high quotes.

PTA spot market remained stable; offers for domestic materials were quoted by sellers at 7,550-7,600 Yuan per ton while buyers were looking for deals between 7,500-7,550 Yuan per ton.

Regarding offers from overseas market, quotations for general cargo were at US $915 per ton while buyers were seeking quotes at $905-910 per ton and demand from downstream factories was not so high.

In the Asian markets, PTA prices ended their rising trend of the last six consecutive trading days. FOB South Korea closed at $1,010.5-1,011.5 per ton, down $17.25 per ton from the previous session and CFR China closed at $1,027.5-1,028.5 per ton, down $16.25 per ton.

A major supplier in the Chinese domestic market has adjusted its November contract price to 7,600 Yuan per ton.

Fibre2fashion News Desk - China


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