Cotton Callbacks Drag On &Nbsp; PTA Maintains Weak Finishing.

　 Zhengzhou PTA futures weakened in December 23rd. The main contract 1105 opened 9966 yuan / ton, closing 9978 yuan / ton, down 18 yuan / ton, turnover 195600 hands, holding 205562 hands.

Overnight, international crude oil prices hit a recent high, breaking up 90 U.S. dollars / barrel and maintaining high PX prices, which supported the cost side of PTA. But because of the market's concern about the rising risk of European debt, the situation in Korea and South Korea and the recent correction of cotton prices, the short-term price market has gone up or restricted and maintained a shock adjustment trend.

New York Mercantile Exchange (NYMEX) crude oil futures On the 23 day, Asia's electronic discs went up to $90 / barrel, due to tight oil stocks in the United States and cold weather in Europe and the northeastern United States. Around 11:30 Beijing time, NYMEX Crude oil futures in February reported 90.69 U.S. dollars / barrel, up 0.23 U.S. dollars, or 0.27%. NYMEX February crude oil futures contract settlement price rose 66 cents on 22 days to $90.48 a barrel. The US Department of energy inventory report showed that crude oil inventories fell by 5 million 300 thousand barrels in the week ending 17, a third week decline. JP Morgan released a report saying that in the near night of Christmas Eve, the market was ignited and the price of oil surged. The sharp rise in oil prices has triggered investors' expectations that oil prices may soon hit $100 a barrel, while higher oil prices may put pressure on the recovery.

According to statistics released by the General Administration of Customs in December 21st, in November 2010, China Imported 300 thousand and 800 tons of p-xylene, a 32.63% increase in the ratio of $351 million. November 2010, China Imported 410 thousand and 700 tons of purified terephthalic acid, an increase of 6.43% compared with the sum of $446 million.

Spot price, yesterday, the average price of the PTA spot market was 9510 yuan / ton (-20), the external spot price was 1185 U.S. dollars / ton (+5), the import cost price was 9826 yuan / ton, the difference between the internal and imported PTA was -316 yuan / ton.

At present, the PTA production profit is higher, and the downstream terminal demand has entered the off-season. In the short term, PTA spot or futures prices may feel the pressure brought by the production power. But in the medium term, due to the different progress of PX, PTA and polyester production, it is expected that the supply and demand of PTA will tighten next spring festival.