Chinese PTA futures weaken on cue from global markets
20 Apr '10
1 min read
The global financial market was under turbulence due to the investigation against Goldman Sachs by the US Securities and Exchange Commission. Most commodities markets in Asia opened sharply lower on Monday.
PTA futures sank lower in morning trades, following the trends set by the stock market. A few offers were closer to 8,200-8,250 Yuan / ton, but, buying interest was light as the market was waiting and watching.
PTA spot offers for domestic supply were in the range of 8,100-8,150 Yuan / ton (payment in cash, shipment to be made by buyer). Offers for Taiwan stock stood at US $990-1000 / ton (payment in cash, delivered on board) and that of from South Korea marked $965-970 / ton (payment in cash, delivered on board).