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Cotton Continues To Drag On PTA&Nbsp; Short-Term Adjustment Will Continue.

2011/2/22 14:28:00 48

On Monday, PTA opened low in early trading.

The main contract 1105 opened at 11870, the highest 11920 in the day, the lowest 11726, ending at 11802, compared with the previous day's average price fell 286 yuan / ton, or 2.37%.

654828 hands traded in the day, holding 2 more hands to 241344 hands.

Spot market:

The PTA spot market was put on the sidelines after opening in the morning.

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Spot trading is conducted within 11550 yuan or slightly less.

After the opening of the morning market, the spot atmosphere was deadlocked.

Some buyers at the end of the market purchased low-priced enquiries, making the spot atmosphere stable, and the low prices moved up. The mainstream of Taiwan's spot market was carried out near 1465-1470; the spot area of Korean products was 1455-1465 USD / ton, and some were factory connected.

Upstream market:

WTI fell 0.16 to 86.20, Brent fell 0.07 to 102.52 U.S. dollars / barrel; naphtha fell 6 US dollars to 874-875 US dollars / ton CFR Japan; heterogeneous MX fell 1 US dollars to 1063-1064 U.S. dollars / ton FOB Korea; Asia PX stationary at 1664-1665 US dollars / ton FOB South Korea, Europe stationary in 1783-1787 U.S. dollars / ton FOB Rotterdam, the United States rose 55 dollars to 55 dollar / ton FOB Gulf of America.

Last Friday, crude oil washed up, PX high shock, PTA minimum processing profit fell slightly, at 1800 yuan / ton, as a result of higher profits, PX high volatility for PTA period price push up role is not strong, and PTA down still have room.

At present, under the premise of no improvement in terminal demand, the cost is shifted off, and PX's effect on PTA is weakened.

Downstream market:

Today, polyester chips keep shaking.

Polyester filament

The overall market is stable, and some factories still enjoy favorable deals.

Downstream demand

There is no ideal breakthrough in recent performance. Polyester production and marketing are in a sluggish fashion. The purchasing intention is still weak due to high polyester.

The production and marketing of polyester and silk products in Jiangsu and Zhejiang provinces continued to be sluggish. Most factories were 4-5, some of them were 2-3, and a few were 6-7.

Direct spinning polyester short market weekend stable, affected by the PTA and cotton futures market sharp decline, Jiangsu individual low quality small factory actual clinch a deal substantially discount 500 yuan / ton, today's trading atmosphere is weak, the market quotation is stable.

Comprehensive comment:

Recently, downstream polyester polyester purchase and sale is not smooth, inventory continues to rise, some factories began to appear preferential action.

The cost shifting of the whole industry chain is faced with resistance due to the shortcoming of the terminal demand in the near future, and there is a need for a high callback in the PTA price.

The central bank once again raised the deposit reserve ratio monetary tightening policy to suppress the market. Today, cotton prices continue to decline significantly, dragging down PTA, resulting in its 2.37% decline in the day.

Technically, PTA will continue to callback and pay attention to the support of the EMA.

In addition, the key to PTA's recent upward trend is whether there will be substantial improvement in terminal demand.

However, in the short term, the market wait-and-see atmosphere is strong, PTA will continue to fall, but with the support of medium term bullish expectations, the relative decline is expected to be smaller than that of cotton. With the rise of terminal loom operating rate, some enterprises will receive the goods in the market, and the PTA price is expected to be lifted.

In the short term, we have to wait for the market and wait for a substantial improvement in the downstream market.