Weekly Report on PTA (12th Sept-16th Sept)
Author: Sep 19, 2011 08:33
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168Tex News: PTA futures price continue to rise on Monday and Tuesday, when it comes to Wednesday, the price start to fall, by Friday, PTA main force 1201 contract in China is closed at 9922CNY/t, which dropped 250 CNY/t, and the amount is 2.46%.
On its spot goods, PTA price in China slightly increased, with the market strike price around 10600CNY/t, totally increased 50CNY. PTA price abroad slightly increased, Taiwan cargo is increased to $1360, totally increased $10, and Korean goods price increased to $1340, totally increased $15.
PTA price increase speed slowed down, mainly because of PX price keeps firm, with a low possibility of a large increase, and also downstream demand becomes stable. See from cost, PTA production cost is around 9500CNY/t, while its spot goods price level is around 10500CNY/t, thus its profit is around a thousand China Yuan, which is still relatively at a high level. Thus PTA price is impossible to rise sharply. Recently, PTA device stop production one by one, which forms a support to against a price drop.
Upstream and downstream market contrast analysis
European Central Bank and some other central banks announced to joint hands to provide three-month dollar liquidity operation for the local bank, thus makes investors feel optimistic of the global economy and crude oil demand. Therefore, crude oil price continue to rise this week. By Friday this week, the Oct delivery crude oil futures price in New York Commodity Exchange increased by $0.79. Isomerism MX, naphtha price fluctuated. Asian Isomerism MX price increased totally by $11 ti $1382, while naphtha price dropped $16 to $983.
PX price is consolidating this week. Asia PX price fall $13 to $1702, while European PX price increased by $40 to $1640. PX price now come into a consolidation period after a sharply rise in the previous period. The main reason for the consolidation is that, some PX devices in China market stopped production for checking and repairing work, and some devices have not restarted as is planned, thus leading to PX short supplied on the market. Therefore, the short supply is a factor that keeps PX price firm.
On downstream, poly products price increased with the increasing demand. PET bottle chips price increased to 13600CNY/t, increasing by 200CNY/t in compare with that of last Friday. Semi-bright chips mainstream price is quoted at 13400-13600CNY/t, totally increased 300-500CNY/t. Poly yarn production and marketing rate is generally around 80%-100%, and some even exceed 100%.
After market out look
Now PTA price keeps firm generally, PX, PTA chain device stop production boosted its price firmer, which curbed PTA price fall. Poly yarn production and marketing rate is high when it comes into September, poly price stably increased, which forms a rigid demand of PTA, so as to PTA industry chain cost transmit goes well. Therefore, whether the demand is high or low, it can always domain PTA price and its after market price trend.
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Editor: Candy From: 168Tex.com
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