January 30Th Market Morning Post: PTA Price Concussion In The Short Term
1. yesterday's market and Forecast:
Yesterday (January 29, 2019), the PTA futures market was sorted and sorted, and spot prices fell slightly.
The news of the increase in crude oil production after Saudi Arabia's release has brought a positive impact to the market, and the crude oil market has rebounded sharply, resulting in the PX price rising.
However, downstream polyester and terminal plant operating rate declined, polyester stocks are also gradually rising, demand side bearish PTA market, is expected in the short term PTA price shock finishing.
2. upstream market:
(1) crude oil: closing on January 29th: Saudi Arabia said it would cut production again in February and increase production cuts in the next six months. Meanwhile, the situation in Venezuela brought about contraction of supply and worries, and international oil prices rebounded strongly.
WTI53.31 rose 1.32 US dollars / barrel; Brent 61.32 increased 1.39 US dollars / barrel.
China's SC main force fell 1903 to 9.3 yuan to 418.2 yuan / barrel.
(2) on PX:1 29, the Asian PX market closed at 1040 US dollars / ton FOB Korea and 1059.67 US dollars / ton CFR China, up 1.67 US dollars / ton compared with the previous trading day.
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