Influenced by the crude oil, PTA futures went high generally this week. Ended by this Friday, main force contract 1201 of PTA futures in ZCE (Zhengzhou Commodity Exchange) closed at 8846 Yuan/ton, up 44 Yuan/ton compared with the beginning of the week; the increasing rate was 0.50%.
This week, the overall PTA market is in chaos. Before Wednesday, downstream polyester manufacturers started covering, which brought PTA demand and prices up. The price increased to 9650 Yuan. However, with the finish of covering, the demand declined and the price dropped down. On Friday, PTA price decreased to 9450 Yuan in the domestic market. Overseas market is similar with the domestic market. Ended by this Friday, discussions of Taiwan cargo decreased to 1235 dollars and Korean goods decreased to 1215 dollars.
Crude oil futures were mainly increasing among this week. Ended by this Friday, November futures closed at 84.23 dollars in New York, up 1.25 dollars compared with the price in the beginning of the week, and the increasing rate was 1.2%; Brent oil November futures closed at 111.11 dollars, up 5.23 dollars compared with the price in the beginning of the week and the increasing rate was 4.94%.
This week, Heterogeneous MX and naphtha price also saw increase. Among the whole week, Asian Heterogeneous MX price increased 33 dollars/ton accumulatively to 1280 dollars/ton FOB Korea, up 2.65% by the close on Friday; Naphtha price accumulatively increased 35 dollars/ton to 908 dollars by the close CFR Japan, up 4.01%. PX price slightly increased this week. Ended by the Friday, Asian PX price was 1588 dollars FOB Korea, increased 52 dollars compared with the price at the beginning of the week, up 3.39%. European PX price increased 54 dollars to 1511 dollars among the week, up 3.71%.
Whereas, polyester price was week and decreasing this week. At the beginning of this week, brought by the covering force of downstream manufacturers, the polyester products’ price slightly increased; but the price turned week with the finishing of the cover. The market price of polyester bottle chips was around 12500 Yuan by this Friday; and semi-dull polyester chips price decreased to 12200 Yuan/ton. Polyester staple fiber was weakly consolidating this week and Jiangsu-Zhejiang origin direct spinning PSF was quoted 13000-13100 Yuan/ton without delivery.
To sum up, although it is mainly increasing for the crude oil futures, it was suffocated at the 86-dollar level and lack of pushing power, so the supportive force from the crude oil to the PTA futures was weak. Besides, the weaving industry in the terminal market is still downturn which affected the chemical fiber industry seriously and weakened the demand of feedstocks like PTA. Therefore, PTA will fall back after the temporary rebound.
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