PTA Comments: Facing Adjustment Needs &Nbsp, PTA Or Continuation Of Consolidation

Zhengzhou PTA Futures weakened in August 20th. The main 1101 contract closed at 7828 yuan / ton, down 106 yuan. A shares weakness in early trading has dragged down the popularity of the financial market, while the international crude oil has fallen more than PTA futures lost support. Despite the high demand for the autumn season and high cotton prices, the PTA spot price has remained high in recent years, but because PTA is still in the background of high profits, high opening rate and high inventory, and the market continues to worry about policy tightening and foreign trade situation. It is expected that the PTA will continue to consolidate.

New York Mercantile Exchange (NYMEX) crude oil futures continued 20 days ago. Downtrend The settlement price hit a six week low. Under the prospect of economic recovery, the rise in the US dollar and the fall in the stock market further put pressure on oil prices. NYMEX September light crude oil futures clearing price fell $0.97 to $73.46 a barrel, or 1.3%. The contract expires on the 20 day, and the turnover is very rare, with only 27480 hands. On the 20 day, the most active October contract settlement price fell 0.95 US dollars to 73.82 US dollars per barrel, or 1.3%. ICE futures exchange Brent crude oil futures fell $1.04 in October to $74.26 a barrel.

Crude oil futures in the past 13 trading days have been weakening on 11 trading days, falling from the high above 82 dollars touched two weeks ago, because weak economic data make traders worry about future crude oil demand. The high supply of crude oil has exacerbated the adverse effects of the weakening global economic situation on oil prices. Analysts said that although stocks remained high, they had little effect on oil prices, partly because of the market's fear of the hurricane season. The US National Hurricane Center says hurricanes will be active in 2010.

Asia's p-xylene market rose steadily this week. As of Thursday FOB Korea closed 914-915 U.S. dollars / ton, and CFR Taiwan closed at 928.50-930.50 US dollars / ton, up 15 US dollars / ton and 14 US dollars / ton respectively compared with last Thursday. Supported by this, the PTA spot market rebounded to a high of nearly 3 months this week, but continued upward resistance.

In addition, with the implementation of the power restriction policy in Zhejiang Province, the majority of the provinces Polyester enterprise Production facilities will be closed down or operating rates will be reduced. Although the overall stock pressure of polyester plant is not large, the demand for raw material procurement has been reduced by the power restriction policy. The start-up rate of PTA production unit is still at a high level, and the pressure of market supply may increase gradually. Therefore, in the short term, due to the lack of demand, the PTA market needs to be adjusted.