PTA Is Weak, And The Market Is Tired.
Zhengzhou
PTA futures
7 days to build the bottom.
The main 1109 contract closed at 9648 yuan / ton, down 24 yuan / ton.
Crude oil trend was weak, PX continued to decline, spot prices were slightly stable, downstream steadily rising, yesterday PTA low opened shock consolidation, closing below the 5 day moving average.
The mentality of market interest rate hikes is vulnerable to PTA reversal. Technically, PTA is under technical pressure at the middle track of the brin channel, and prices continue to rise harder.
Overnight crude oil rose slightly, and the US cotton limit stop was closed. It is expected that PTA will remain weak in the short term.
The New York Mercantile Exchange (NYMEX) crude oil futures closed slightly higher on the 7 day. The price of gasoline and heating oil surged and the dollar weakened. Investors are concerned about the OPEC meeting scheduled for 8.
NYMEX July light crude oil futures contract settlement price rose 8 cents to $99.09 a barrel, or 0.1%.
Brent crude oil rose sharply, and the settlement price of ICE crude oil futures of Beihai delivered in July rose by US $2.30 to US $116.78 per barrel, or 2%, the highest settlement price since May 10th.
Intercontinental Exchange (ICE) cotton futures closed on the 7 day limit, and for second consecutive days, they were involved in follow up liquidation and extension pactions.
Asia PX fell 3 to 1439-1440 U.S. dollars / ton FOB Korea, Europe fell 40 to 1478-1482 U.S. dollars / ton FOB Rotterdam, the United States fell 60 U.S. dollars to 1480-1485 U.S. dollars / ton FOB Gulf of America.
On the spot,
East China spot
The market atmosphere is relatively quiet. Enquiries are scarce. The offer is mostly around 9650 yuan / ton, and there are not many downstream exchanges. The level of real negotiation is about 9600 yuan / ton.
The market sentiment in Asia declined slightly, and the negotiating level dropped to around us $1210 / ton near the US $1215-1220 / tonnes of Taiwan's products, and the level of negotiations on Korea's goods and goods was close to US $1200 / tonne.
Downstream market, Jiangsu and Zhejiang
Polyester filament
Production and marketing is better, most 100-150%, individual higher 160-180%.
The polyester Market in Zhejiang was steady and the structural adjustment was the main factor. The polyester Market in Jiangsu moved steadily upward and the turnover was good.
During the holidays, sales of direct spinning polyester and short cost lines are still good.
Most factories offer stable prices. With the increase of private factory quotations, most factory quotations are rising.
Sinopec weekly guidance price announced, half light 1.4D quoted 13200 yuan / ton, gloss 1.2D quoted price 14200 yuan / ton, up 200 yuan compared with last week.
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