May 21St PTA Daily Review: Supply And Demand Imbalance &Nbsp; PTA Maintain Low Operation

Zhengzhou PTA futures closed down in May 21st, of which 1009 contracts opened at 7502 yuan / ton, the highest price was 7526 yuan / ton, the lowest price was 7388 yuan / ton, closing 7472 yuan / ton, compared with May 20th settlement price fell 138 yuan or 1.81, turnover 543800, positions 199612.

From the technical aspect, the PTA price is weak, and it is still not out of the downtrend.

Upstream, because European leaders have not yet stopped efforts to control the debt crisis in the region, and the report data has increased doubts about the dynamics of the US economic recovery, affected by the impact, the Chicago Futures Exchange (NYMEX) crude oil futures 21 Asian electronic discs are coming to the third weekly decline.

Around 15:00 Beijing time, NYMEX7 month crude oil futures fell 0.39 U.S. dollars, to 70.41 U.S. dollars / barrel.

PX in the upper reaches of Asia dropped from 7 US dollars to 930-935 US dollars / ton FOB Korea, and European PX basically stabilized at 995 US dollars / ton FOB Rotterdam.

Downstream Zhejiang and Zhejiang polyester Market stalemate dominated, sporadic moderate callback.

Due to the close of raw materials settlement, the market wait-and-see sentiment is strong.

Downstream procurement demand remains, but hesitant performance, Jiangsu and Zhejiang short market decline slightly slowed, but the atmosphere is still slack.

At present, China's weaving industry continues to maintain a relatively high level of prosperity, which has become the most positive factor to boost the PTA price in the future.

In April, China's textile and clothing exports amounted to US $14 billion 544 million, an increase of US $3 billion 539 million, or 32.16%, an increase of US $2 billion 51 million, or 16.42%, over the same period last year.

Among them, exports of textile yarn, fabrics and products reached 6 billion 393 million US dollars in April, up 24.84% compared to the same period last year, and exports of clothing and clothing reached 8 billion 151 million US dollars in April, up 10.57% over the same period last year, 21.79 percentage points higher than the same period last year.

Export performance was good in April, while the 1-4 quarter total industry exports achieved 15.54% digit growth in two, indicating that the industry boom is indeed improving.

Of course, for China's textile industry that has just come out of the crisis, the slowdown in consumption in Europe and the United States and the appreciation of the renminbi are all the severe challenges that may be faced in the future. Therefore, the recovery trend of the industry will not be excluded. However, in the context of the overall recovery of the world economy and the huge potential of domestic demand, there is still reason to maintain a strong positive growth expectation for China's textile and clothing market.

On the whole, the low price of raw materials has brought high profits to PTA manufacturers. Recently, PTA producers have maintained more than 90% of high load production. However, due to the slow digestion of the downstream, the stock market in the spot market has increased.

The downstream terminal textile industry is in the traditional production off-season, PTA direct downstream polyester market production and marketing situation is not good, prices continue to decline.

The supply and demand side of PTA market is out of balance.

In addition, international oil prices have fallen sharply, and the external economic environment is unfavorable. The PTA market is expected to remain weak in the short term.