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CFA PTA Weekly Commentary: Poor Economic Environment &Nbsp; PTA Down

2010/7/5 15:12:00 43

Last week, Zhengzhou

PTA futures

After a slight rush, the main 1009 contract opened 7468 yuan / ton, the highest 7478 yuan / ton, the lowest 7088 yuan / ton, closing 7202 yuan / ton, down 266 yuan or 3.56%.

As the recent weak economic data in China and the United States triggered the prospect of global economic recovery, market sentiment continued to slump, and commodity trends were under pressure.

The PTA market is expected to maintain a weak state in the short term as the upstream and downstream continues to be weak, the spot market is oversupplied and the international oil price trend is not favorable.

Upstream,

New York Mercantile Exchange

(NYMEX) crude oil futures fell for fifth consecutive trading days for 2 days. The week July 2nd was the biggest week since the beginning of May, because disappointing economic data continued to show that the economic recovery was stagnant.

The New York Mercantile Exchange's August light crude oil futures contract settlement price fell 81 cents to $72.14 a barrel, or 1.1%.

Oil prices fell 8% in July 2nd.

ICE August Beihai Brent crude oil futures contract settlement price fell 69 cents, to $71.65 a barrel, or 1%.

Upstream raw materials, crude oil plunged again, naphtha fell, PX fell temporarily.

WTI fell 2.68 to 72.95, Brandt fell 2.67 to 72.34 U.S. dollars / barrel; naphtha fell 17 US dollars to 635-636 US dollars / ton CFR Japan; heterogeneous MX rose 3 US dollars to 765-766 U. S. dollars / ton FOB Korea; Asia PX fell 6 US dollars to 870-871 U. S. dollars / ton FOB Korea, Europe dropped to 10 dollar to 10 dollar / ton FOB Rotterdam, the United States fell from the US dollar to the US dollar / ton FOB American Gulf.

Downstream consumption,

PET chip

- the polyester chip market is looking down, and the market is continuing to remain cold.

Xiaoshao market high quality semi glossy slicing factory reported more than 9400-9500 yuan / ton acceptance in March, the market is in a stalemate vacuum period, the sliced market is also in the doldrums, and the paction is deserted.

The market of filament yarn -- most of the quotations of polyester factories in Jiangsu and Zhejiang provinces are stable, and the price of individual polyester POY factories in the local area is on the high side, which is reduced by 100-200 yuan / ton, and some small factories are slow selling varieties, and the sale of polyester products in Xiaoshao area is stable. Some of the polyester FDY factories are down by 50-100 yuan / ton, of which the mainstream of POY, DTY and FDY150D in Xiaoshao area is 11000-11200, 12400-12800, 12000-12500 yuan / ton respectively.

Short staple market - direct spinning polyester and short part factory mentality is empty, some factories offer lower price, lower quotation to 9500 yuan / ton cash delivery to the province, but due to the market turnover is scarce, some factories are stable in the market without price, and the actual pactions are mainly based on preferential negotiation.

Asia's p-xylene market this week rose and then fell, as of Thursday FOB Korea closed at 870.05 U.S. dollars / ton, CFR Taiwan / China closed at 885.05 U.S. dollars / ton, respectively, compared with last Thursday fell 9 U.S. dollars / ton and 10 U.S. dollars / ton.

The price of raw materials continues to decline, at the same time, the downstream ester plate is deadlocked, the production and marketing of polyester plants have fallen, and the demand for PTA is low.

Recently, domestic PTA producers are driven by profits, and the operating rate is generally maintained at a level of more than 9, which results in a high historical supply in the domestic market.

Overall, the PTA market is expected to maintain a weak state in the short term when the upstream and downstream continues to be weak, the spot market is oversupplied and the international oil price trend is not good enough.