The Surge Of PTA From The Perspective Of Capital Market Liquidity

At present, the market has different opinions on the causes of the PTA futures rising rapidly.

The second round of quantitative easing led by the Fed.

Of course, the above reasons are considerable.

Among them, especially the rise in cotton prices contributed to the overall rise of PTA futures.

However, from the overall commodity market situation, the soaring price of cotton also benefited from the flooding of the capital market in China.

The problem of liquidity has become the focus of attention in the whole market from 07-08, and it is also an important reason for a bull market in the stock market.

In the past 08 years, the central bank has entered the cycle of raising the reserve requirement in order to control liquidity. It shows that the liquidity problem has been concerned at the policy level, and measures have been taken to control liquidity.

However, the subsequent economic crisis has shifted the attention of policymakers to the GDP growth rate, and launched a more radical stimulus policy, which has evolved into the runaway credit and liquidity.

In the end, the credit balance 08 years ago and the central bank's super currency superimposed 2009-2010 of the super scale credit.

Eventually it evolved into inflation.

Among them, especially Chinese herbal medicine, mung bean, garlic as the fuse, the whole market is concerned about the arrival of inflation.

As a matter of fact, it is a large increase in prices, and the varieties have also extended from small agricultural products to bulk commodities, including

When the market expectations of inflation gradually strengthened, funds began to intervene in the spot chain of commodities. Ambush was the most famous. Wenzhou's capital entered Xinjiang to control the cotton industry chain.

Of course, in the current round of market speculation, these speculative funds are obviously the most lucrative.

The chemical fiber industry also benefited from the stir up of cotton prices.

In previous years, the price difference between cotton yarn and polyester staple fiber was about 3000 yuan / ton.

However, with the rapid rise of cotton prices, the price difference between cotton yarn and polyester staple fiber also rapidly increased to about 30000 yuan / ton.

Under such a background, the traditional pure cotton fabric appears to be of a high degree. More and more enterprises tend to use polyester instead of cotton in the fabric. Therefore, the demand for polyester has increased sharply, and even in the off-season of the past years, there has been a flourishing situation.

Such a high price of cotton, such a strong demand for polyester, directly contributed to the shortage of PTA spot supply, making further speculation possible.

In the commodity market as a result of liquidity and the overall rise of the environment, the high price of cotton triggered by the high demand for the fuse, the PTA futures prices rose rapidly.

Then, last week, in the United States released the second round of 600 billion yuan quantitative easing policy, it also superimposed the PTA factory's November contract pre tender offer significantly increased 800 yuan / ton of good, directly contributed to the PTA futures first trading limit.

On the same day, due to the PTA futures trading, the polyester polyester sales in the lower reaches were once again hot, and contributed to the PTA's second day trading limit.

And the two day of the weekend, polyester polyester sales record, the market quotation not only one day three price, short fiber, filament for 3 consecutive days, raise the price more than 1000 yuan, write history legend.

This directly contributed to the third futures trading board of PTA futures.

In this way, it shows that the whole market is so hot that it has been buried in 08 years. In 2010, it is only a fruit of inflation. Under the background of inflation, the PTA market has also been prompted by the cotton market, which has become a necessity for Davies to double click on demand and speculation.