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2011-12-26
This week, PTA futures showed increasing tendency this week due to continuously growing oil prices. Ended by this Friday, main force contract 1205 of PTA Futures in ZCE (Zhengzhou Commodity Exchange) closed at 8290 Yuan/ton; increased 96 Yuan compared with the close price last Friday, up 1.17%.
Judged from the spot market, the PTA price was greatly influenced by the oil tendency. In this week, the discussions of PTA price increased 100 Yuan/ton to 8500 Yuan/ton in domestic market accumulatively. Taiwan cargo increased 20 dollars to 1100 dollars this Friday and Korean goods increased to 1085 dollars.
The overall crude oil futures market surged this week. Ended by the close on Friday, February futures price of New York crude oil increased to 99.53 dollars/bbl and February futures price of Brent oil increased 0.18 dollars to 107.89 dollars/bbl. The petrochemical products showed downtrend this week. Ended by this Friday, Heterogeneous MX decreased 4 dollars/ton to 1219 dollars/ton FOB Korea in Asia. The market price of naphtha accumulatively increased 24 dollars to 913 dollars/ton CFR Japan. PX market stayed unsteady this week. PX price decreased 8 dollars to 1435 dollars/ton FOB Korea in Asia. European PX price accumulatively decreased 10 dollars to 1330 dollars/ton FOB Rotterdam.
For the downstream market, some of polyester manufacturers increased the quotations but cancelled previous privileges. To specify, discussions of polyester bottle chips price stayed at 11200 Yuan/ton in East China. The polyester semi-dull chips price increased to 10500 Yuan and bright chips were around 10550 Yuan/ton.
These days, crude oil price kept increasing and the growing PX price also give strong support for PTA. However, the sales of PFY and PSF became declining due to the cautious attitude of textile manufacturers. Polyester products prices were firm and the pressure of the polyester factories was not that huge. PTA market will keep shaking but increasing in a short term.
Source:168tex.com
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