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PTA Weekly Review: Cotton Fell &Nbsp; Liquidity Tightened &Nbsp; PTA Fell.

2011/2/26 15:57:00 33

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1. Summary of PTA charts

This week (2.21-2.25), PTA

Goods in stock

The price shocks were low, and the spot negotiable price at the weekend was around 11450 yuan / ton, down 250 yuan / ton compared with the previous weekend, or 2.1%.

Up 40% over the same period.

PTA futures prices showed a unilateral downward trend. TA105 closed at 11446 yuan / tonne, down 396 points, or 3.6%.

Positions reduced by 58890 to 203 thousand hands.

Two. Analysis and comment

Weekend, East China

PTA

The negotiating price is around 11500-11550 yuan / ton.

paction

The atmosphere is light and the actual talks are scarce.

The negotiating price in North China is around 11500-11550 yuan / ton, and the downstream manufacturers are cautious in purchasing, and the atmosphere is strong in the market.

Upstream crude oil prices continue to rise, the weekend running at around 98 U.S. dollars / barrel, the mainstream price of imported PX FOB Korea in about 1656 U.S. dollars / ton, PTA production cost of 9700 yuan / ton, these on PTA price formation support.

The demand for downstream polyester market is slowing down, and some enterprises stop and repair. The weaving machine operation rate in Jiangsu and Zhejiang provinces is around 65%, which restricts the price of PTA.

The price of raw materials and leading cotton in the textile industry has dropped sharply in recent years. On the 24 day, the central bank raised the reserve rate again, causing the currency to be tight overall. Zhengzhou PTA futures continued to plummet. These are the important factors leading to the recent decline in PTA prices.

Three, prospect forecast

From the market outlook, on the one hand, crude oil prices have rebounded sharply in recent days. After the Spring Festival, the downstream operating rate is also rising slowly, coupled with the impact of domestic inflation expectations, these will bring strong support to PTA.

But on the other hand, domestic and foreign cotton prices have dropped sharply in recent days. Yesterday, the reserve ratio was raised again. In 2011, monetary policy was generally tight. In addition, the PTA rose too fast, and the market remained high. All these factors had a heavy pressure on the price of PTA.

He Yuexiang, a business analyst at PTA, thinks that the PTA / spot needs to be adjusted in the short term or there is a rebound.

The market still needs to pay close attention to cotton price, crude oil price, central bank policy, stock market and exchange rate.