The Current Round Rose To Form A PTA High Of 2011.

After the Lantern Festival, PTA's main contract in May followed a sharp decline.

From the perspective of the industrial chain, the terminal weaving factories have been slowly returning to work, and the starting rate has gradually picked up. However, the demand for stocking has not been significantly improved.

After the short term downstream stock demand, polyester sales return to light, and the price of the product is temporarily difficult to pass to the downstream, which leads to the polyester factory's high sentiment toward the raw material PTA.

In the external market, the political turmoil in Libya continued, and foreign commodities, especially Lun copper and the United States cotton, rebounded sharply, but it is still necessary to observe whether the new high point can be renewed.

Although the market expects the possibility of a premature end of the QE2 by the Federal Reserve, the European Central Bank's expectation of raising interest rates is strengthening in order to fight inflation.

Affected by the turbulent situation in Libya, the global crude oil market prices skyrocketed, and the US crude oil price broke through 100 yuan at one stroke.

Although Saudi Arabia promised to increase crude oil supply to offset the impact of Libya's production decline, the US crude oil did not show a marked decline.

The high stability of US crude oil also reflects the demand for rising oil demand in the context of economic recovery.

As PTA production profits continue to be considerable, the rise in crude oil costs for high PTA costs are not strong, but the rise in crude oil will boost the prices of downstream chemicals to a certain extent.

In addition, influenced by seasonal factors, the operation rate of the United States crude oil refinery will maintain a low level in March and April, resulting in a significant decrease in naphtha output.

The decline in naphtha production will make the price of PX, which is tight supply and demand, stronger.

From the downstream situation, the recovery of demand for textile and bomb businesses in the lower reaches of the Lantern Festival has been a key factor in the continuation of the PTA price.

According to past years, the sale of polyester in the lower reaches gradually entered the seasonal peak season in March and April.

This year, as the price of PTA rose too fast before the Spring Festival, and the price reached a high level of 12000 passes, the demand for stocking didn't follow up in time after the slow down factors of downstream rework. The sale of polyester products was light, and the price was difficult to follow the raw material PTA price to the downstream.

On the one hand, sales of products were sluggish, inventory levels slowly rebounded, and the central bank's monetary policy tightened. Downstream factory liquidity declined sharply, and inventory pressure became more obvious.

On the other hand, the factory's willingness to purchase high priced raw materials has dropped significantly, and the mood of buying goods at high prices has been cautious.

In addition to the factors affecting the PTA industry chain,

The PTA1105 contract price rebounded to the 12000 frontier after a short adjustment.

PTA basic supply and demand is tight, supporting period prices remain high, upstream costs are strong, and downstream peak season factors continue to rise, providing follow-up power.

The external commodity market is slowing down, and after the emerging economies enter the cycle of interest rate increases, the European Central Bank's interest rate hike is expected to continue to warm up against inflation. The impact of the Fed's QE2 is weakening.

Commodity rally is slowing but there is no sign of turning around.

Because of the influence of domestic macro regulation, the trend of commodities is weak and strong.

The PTA price has eased after the previous round of adjustment, and the current rally is likely to form a high PTA price in 2011.