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The Central Bank Has Adjusted The Deposit Reserve Ratio, Resulting In A Sharp Rise In PTA.

2010/12/14 16:31:00 57

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Market Review

China's tightening of monetary policy continued until Monday, and IEA and OPEC's optimistic expectations of future oil demand have gradually restored confidence to international crude oil prices.

Affected by this, the PTA main contract of Zheng Shang today was 1105 higher and higher, opening 9530, the intraday price volatility rose, the highest 9996, the lowest 9504, the afternoon price was substantially consolidated, and finally closed at 9884, compared with the previous trading day settlement price rose 374, or 3.93%, 783910 hands trading volume, 230614 holdings.

Two. Upstream and downstream market information

1, as China's central bank again raised the deposit reserve ratio, international crude oil prices continued to rise.

China announced last Friday that it had decided to raise the reserve requirement ratio of banks sixth times this year. The official data released on Saturday showed that China's consumer price index (CPI) increased by 5.1% over the same period last year, the highest increase since July 2008.

Investors generally believe that the Chinese government will take more economic austerity measures in the future, and then worry that China's economic growth may slow down.

Expectations for China's future oil demand are suppressed.

OPEC (OPEC) held a meeting of oil ministers in Quito, capital of Ecuador 11, and decided to continue to maintain oil production quotas unchanged.

The New York Mercantile Exchange NYMEX crude oil futures contract for January 2011 was 88.19 U.S. dollars / barrel, up 0.40 dollars from the closing price of the previous trading day, and the February contract was 88.71 dollars / barrel, which was 0.40 dollars higher than the closing price yesterday.

ICE Brent crude futures contract fell 51 cents to settle at $90.48 a barrel, or 0.6%.

Jan crude oil

futures

The contract settlement price fell 58 cents to $87.79 a barrel, or 0.7%.

2, PX rose slightly compared with the previous trading day.

On the 10 day, the closing price of Asian PX was 1332.00-1333.00 USD / tonne FOB Korea, 1347.00-1348.00 USD / ton CFR Taiwan, the price rose by 15 US dollars compared with the previous day.

PET chip

The quotation is up, and the market of polyester, polyester and short is light.

Maintaining the price range since last Friday, the central bank raised the deposit reserve ratio by 0.5 percentage points, and the economic data released on Saturday showed that the CPI data rose by 5.1% in November, and the market interest rate is expected to rise. However, stocks and futures are not affected by the bad news today. Instead, the stock market and the futures market have not been affected by the bad news. Instead, the mainstream price of PET bottles is still maintained at 11800-12000 yuan / ton today. The current focus of the PET bottles is lower than that of the previous week, and it has been reduced by 11700-11800 yuan / ton, or even lower. The downstream demand of PET bottles has been improving, but the market activity is still low, and the stability of the market will bring confidence to the market participants. CPI last week, polyester raw materials remained basically shaking, and PET bottle quotes had been raised.

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The market of staple fiber in Jiangsu and Zhejiang provinces is low and the market is low.

paction

The atmosphere is light. At present, the mainstream market of polyester staple fiber is quoted at 13000-13500 yuan / ton, and the center of discussion is near 12300-13000 yuan / ton.

The mainstream factories in Jiangsu and Zhejiang provinces, polyester filament prices fell sharply last week after 1000-1500 yuan / ton, this week downstream weaving factory rigid stocking demand showed, the first half week factory production and sales rebounded to 100-150%, the center of gravity was basically stable, the second half of the week due to the stock market ended, the market atmosphere fell, the market overall cautious wait and see, weaving factory to consume pre inventory or reduce production start-up rate, hold hands; polyester filament prices continued this week, the weak trend of decline, the decline narrowed, the center of gravity stabilized.

Three. Spot market observation

In the afternoon, the Asian PTA spot market continued to rise, and the Taiwan products and goods reported an individual high of $1180-1190 / ton. The buyer's enquiry increased, and the mainstream market negotiated near $1170-1175 / ton.

In the afternoon, the atmosphere of PTA market in East China continued to rise. The market holder's offer was 9450-9500 yuan / ton, and the buyer's enquiry atmosphere was positive. The mainstream talks started near 9400-9450 yuan / ton, and there was a firm offer.

Four. Market comment

In general, as China decided to raise the reserve requirement ratio of banks, the market still worried that China might take interest rate measures next night, and crude oil prices rose sharply overnight, and PX prices rose sharply.

Spot markets in Asia and East China continued to rise, demand for polyester chips in the lower reaches improved, and polyester staple atmosphere was light.

Technically, today's PTA main contract TA1105 has gone up sharply, breaking through the 9600 strong pressure easily, and continuing to rush to 10000 points high. In the afternoon, driven by the sharp rise of rubber and plastics, PTA volume and price rose.

On the operation, there will be high volatility in the short term. There may be a pullback in the medium and long term. It is suggested that investors should make more profits and not blindly catch up.