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PTA futures turn in smart rally

22
Jan '10
Chinese Zhengzhou PTA futures contracts moved sideways on January 21, total open interest fell by 8,428 positions to 220,982, the main contract 1005 opened lower but intraday prices moved higher and closed at a small rally which ended at 8,526 Yuan per ton.

Prices of Paraxylene continued to decline. Asian market fell US $7 per ton on Wednesday. FOB South Korea closed at $1,101-1,102 per ton and CFR China closed at $1,118-1,119 per ton. Downstream users generally held wait-and-see attitude.

Prices of upstream crude oil and that of Paraxylene fell at the same time and PTA spot market slightly softened. Downstream polyester factories did not evince keen interest and transactions were far and few between.

Fibre2fashion News Desk


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