Policy Pressure Eased, PTA Rebounded Sharply

Today's PTA futures contract 1105 contract opened at 9530 in early trading, the highest 9996, the lowest 9504, closing 9884, compared with the 10 day settlement price rose 374 yuan, turnover 783910 hands, holding positions 230614 hand, day increase warehouse 59692 hand.

Upstream: China has raised the reserve requirement for banks again. Financial institution The reserve requirement rate has reached a historical high of 18.5%, which affected international oil prices on Friday. On Friday (December 10th), the New York commodity futures exchange, Texas light oil futures settlement price in January 2011 was $87.79 per barrel, down 0.58 US dollars from the previous trading day, and the trading range was US $87.10-89; the London intercontinental Brent crude oil futures price settlement in January 2011 was US $90.48 per barrel, which was 0.51 US dollars lower than the previous trading day, and the trading range 89.86-91.57 US $10 on the 10 Asian PX closing price of 1332.00-1333.00 US dollars / ton (FOB Korea); 1347.00-1348.00 US dollar / ton (CFR Taiwan), the price rose 15 US dollars compared with the previous day.

Spot: East China PTA Market The atmosphere continued to rise, the market holder's offer was 9450-9500 yuan / ton, the buyer's enquiry atmosphere was positive, the mainstream negotiation started near 9400-9450 yuan / ton, and a firm offer was reached. The PTA spot market in Asia continued to rise, and Taiwan's goods and goods reported an individual high of $1180-1190 / ton. The buyer's enquiry increased, and the mainstream market negotiated near $1170-1175 / ton.

Downstream: today's Jiangsu and Zhejiang provinces Slice Market Market is flat, downstream demand is still relatively small, slicing stocks gradually increased, but sellers reluctant to sell, semi extinction mainstream offer in the 11400-11500 yuan / ton (cash or acceptance) within the scope of the negotiations focus on 11300-11400 yuan / ton (cash or acceptance) near. The staple market in Jiangsu and Zhejiang provinces is low and the market atmosphere is light. At present, the mainstream staple market of polyester staple is quoted at 13000-13500 yuan / ton, and the focus of discussion is 12300-13000 yuan / ton. The price of polyester DTY of Xiaoshan's main chemical fiber enterprise has been reduced by 100 yuan / ton this week, of which DTY150/48 reported 14500 yuan / ton, and the other specifications were down at the same time.

News: Statistics released by the National Bureau of statistics in December 11th showed that CPI rose by 5.1% in November, breaking through the current market expectations, setting a new high in 28 months. The central bank announced the sixth increase in the deposit reserve rate in 10 years.

Overall: international crude oil continued to callback, PX rose, spot PTA picked up, and downstream market remained stable. The central bank has increased the reserve ratio instead of raising interest rates, and the pressure of policy has eased. Today, after the PTA opened lower, it rose sharply and rose sharply. Judging from the ranking and changes of the 20 positions before and after the event, the total length of the two sides increased substantially, and the air side increased significantly. The downstream has stabilized slightly, but the traditional textile season has already passed, and the downstream market lacks confidence. The long-term trend of PTA is not optimistic. For the time being, we should focus on the idea of strong shocks and take part in the rebound in short term and pay close attention to the pressure near the top 10100.