The Pace Of Recovery Slowed Down &Nbsp; PTA Was Low In Early Trading.

Zhengzhou PTA futures opened lower in June 18th. The main 1009 contract opened at 7300/ tons, the highest 7348 yuan / ton, the lowest 7278 yuan / ton, closing 7312 yuan / ton, 32 or 0.44% lower than the 17 settlement price, 181200 trading volume, 199930 positions.

On the move, a series of economic data released by the United States on 16 and 17 are disappointing, triggering investors' concerns about the slowdown in their economic recovery. Despite the fact that confidence in the eurozone market has been boosted by the results of Spanish bond auctions, the outlook is still low, so the trend of commodities is hardly optimistic.

At present, excess supply and tight liquidity will restrict the rebound of PTA, and PTA futures prices will remain weak.

From a technical point of view, the main contract 7600 yuan / ton near the resistance is very strong, short-term market or will be in the 7300 yuan / ton line to seek a balance.

In the upstream market, New York electronics exchange (NYMEX) crude oil futures declined on the 18 day, due to worries about short-term oversupply of crude oil and disappointing economic data from the United States.

As of around 11:30 Beijing time, the New York Mercantile Exchange's July light crude oil futures contract settlement price fell 18 cents to $76.61 a barrel, or 0.23%.

From the perspective of domestic economic operation, the added value of above scale industries increased by 16.5% in May this year, down from 8.9% in the same period last year, down 1.3 percentage points from April.

In the 1-5 month, the added value of above scale industries increased by 18.5% compared with the same period last year, and the growth rate accelerated by 12.2 percentage points.

In May this year, the added value of consumer goods increased by 14.8% over the same period last year, down 0.7 percentage points from April.

Among them, the added value of the textile industry increased by 12%, and the output of yarn, cloth and clothing increased by 16%, 15.6% and 37.9% respectively.

In May, domestic economic data basically met market expectations. Although some indicators slowed down compared with April, the trend of overall good trend has not changed, and the textile and garment industry has been running smoothly.

At present, PTA summer consumption peak has passed, the downstream market consumption has limited price pulling effect, price support mainly comes from upstream raw material prices.

International crude oil prices have returned to an upward trend. In addition to the recovery of the first largest consumer country and the peak season of summer gasoline consumption, China's continued growth as the second largest consumer country is also an important driving force for the rise of international crude oil prices. NYMEX is likely to have a heavy oil price of 80 US dollars per barrel in recent months.

Due to the gap between the current PTA futures price and the cost, the cost support of the crude oil price increase is temporarily difficult to manifest, and PTA futures performance will be weaker than crude oil.