Early November 4Th Commentary: Upstream Shocks Rise &Nbsp, PTA Or Follow Up.
Zhengzhou
PTA futures
3 days, go up and go up.
The main 1105 contract closed at 9230 yuan / ton, up 66 yuan or 0.72%.
Driven by higher crude oil prices, a slight rise in PX prices and a steady demand for downstream demand, the price is higher.
In addition, the PTA market.
Tight supply
With the rising cotton prices and the steady demand for downstream demand, PTA prices have also risen.
PTA remains unchanged.
Rising crude oil overnight is expected to continue to support the upward trend of the price.
The New York Mercantile Exchange (NYMEX) crude oil futures settlement price closed higher on the 3 th, holding up the rise in early trading; after the US announced that oil stocks fell more than expected, the US Federal Reserve Committee (Fed) announced that it had launched the economic stimulus measures that are generally in line with market expectations.
NYMEX December light crude oil futures clearing price rose 79 cents, to $84.69 a barrel, or 0.9%.
The contract has risen 4% this week, hitting a 6 month high of $85.36 earlier in the session.
The US Federal Reserve (Fed) launched a controversial new US Treasury bond purchase plan on the 3 day to stimulate disappointing weak US economic growth.
Fed said it would buy US $600 billion worth of treasury bonds in the next 8 months.
Fed's monetary policy committee says it is ready to further buy treasury bonds in the face of continued economic weakness and low inflation and high unemployment.
In addition, the US Department of energy report released 3, as of October 29th when the United States, gasoline inventories decreased by 2 million 690 thousand barrels to 212 million 300 thousand barrels.
Distillate stocks, including diesel and heating oil, were reduced by 3 million 570 thousand barrels to 164 million 900 thousand barrels.
2 days in Asia
PX
The closing price is 1246.50-1247.50 U.S. dollars / ton FOB Korea, 1261.50-1262.50 dollar / ton CFR Taiwan, the price is up 5 US dollars compared with the previous day.
On the spot side, Asian PTA spot market atmosphere continued to rise, the market platform bonded goods offer at 1085 US dollars / ton, the market inquiry atmosphere was positive, the mainstream negotiation was near 1078-1080 US dollars / ton, the Korean goods negotiated to near 1060-1065 US dollars.
The PTA market in East China continued to rise, and the holder's offer rose to around 8850 yuan / ton. The market buyer actively sought goods, and the delivery price was near 8750 yuan / ton. The mainstream market negotiated in the vicinity of 8750-8800 yuan / ton, and the trading atmosphere was good.
Downstream, PTA East China market continues to rise, the Asian market atmosphere continues to rise; fiber polyester today, Ningbo Zhuo Cheng semi gloss chip up to 200 yuan / ton, most manufacturers in the market quoted price to 10900 yuan / ton; polyester raw materials continued strong support, today, some manufacturers in eastern China began tentative price adjustment, ranging from 100-300 yuan, but the overall market price is still stable, the mainstream offer is still 11000-11300 yuan / ton cash out or short distance to send, individual factories firm market trend, so the price is stuck at 11500-11600 yuan / ton high price.
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