Chinese PTA futures close higher

28 Apr '10

2 min read

Zhengzhou PTA futures closed higher on April 26, being boosted by sharp rise of crude oil last Friday. Trade volume of the most active contract 1009 reduced by 23,154 lots from the previous day to 169,568 lots; open interest reduced 8,978 positions to 197,254 positions.

The contract opened at 8,592 Yuan / ton, 42 Yuan higher than the settlement of the previous day, intraday high point touched 8,606 Yuan, to fall to a low of 8,544 Yuan / ton under pressure from long liquidation, to finally close at 8,554 Yuan / ton.

In the spot market, scattered offers for PTA ranged between 8,300-8,350 Yuan/ ton, however intention of discussion was roughly around 8,200-8,250 Yuan / ton. Factory inquiries were moderate, trade volume was light.

The market of overseas cargo increased, offers for Taiwan goods and bonded goods were at US $1,010/ ton, quotation for South Korean supply was at US $980/ton, though trade volume was light.

In addition, MEG market in East China remained firm. Offers from sellers were at 7,650-7,700 Yuan / ton, intention of discussion was at 7600 Yuan / ton. Buyers expressed concern over high inventory at the port; therefore, they were cautious of trading at higher prices.

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