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The trend of cotton is picking up & PTA futures continue to climb |
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2011-7-29
July.27 China-Zhengzhou PTA futures continue to pick up, main contracts 1201 offered at 9686 RMB/T at the close. The next day, the price of crude oil goes up, and the cotton market upturns again, which make the PTA goes up too. At present, the stock of downstream polyester industry has sale out, the trading is fine. Today the PTA continues to go up, under the high point pressure we expect the PTA will slow down in the short term. July.26 the NYMEX offers September crude oil contract at ＄99.59 a barrel. Influenced by the American debt problem, the US dollar goes weak and the oil price is on the rise. The trader will not bet until the American debt problem has been settled. If American can’t come to an agreement with the problem, which may lead to risky assets selling such as bulk commodity. On the whole, the PX shocks at high point, and PTA maintains a minimum profit of 450 RMB/T. Because the new capacity has not formed an effective supply, the supplier of PTA is still not loose.The downstream polyester yarn price gone up yesterday, but the overall turnover was general, so the chase initiative was not enthusiastic. In the China-Shengze market, PTA spot goods are consolidated, MEG price is stable, semi-dull polyester chip and super bright polyester chip price is stable, CDP chip price is adjusted, PET bottle chip price is up. In the market, the mainstream price of semi-dull chip is at 12400 RMB/T, bright chip is at 12350 RMB/T, cash sale price of CDP chip is at 13300 RMB/T (three months of acceptance). Downstream market gets goods become more cautious, while the weaving operation rate is relatively stable and the spinning factories basically have no stock which enhance the spinning factories pick up the price. Many spinning factories add to the improve team. China-Taicang FDY raises 100 RMB/T.
Source:168Tex.com
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