Straddle Differences Intensified PTA Positions To Hit A New High

582 thousand hands, the total position to create a new high; 364 thousand hand, the main contract position refresh the record.

On Tuesday, PTA futures suddenly became "fire".

As of yesterday's close, the PTA price rises all over the line, and the trend is stronger than the surrounding commodities.

The main 1205 contract was reported at 8114 yuan / ton, up 126 yuan or 1.58%.

The strong rise was accompanied by a large amount of capital intervention. The 1205 contract was converted into 90 thousand hands on a single day and converted to 15% margin ratio. The precipitate fund in the PTA futures market has reached 3 billion 500 million yuan.

"The high volume of holdings indicates that the PTA market is currently divided."

Nanzheng

It is understood that the recent Yisheng, Xiang Lu, Far East, Zhuhai BP has announced the maintenance plan.

Today, Sinopec and other PTA producers' ventilation meeting will be held in Xiaoshan, Hangzhou. The market expects that the industry will issue corresponding resolutions on the current policy of limiting production and price protection for PTA, so it will have a greater impact on the recent PTA rebound.

At the same time, the reason why PTA market is empty is also sufficient.

Xu Yu said that next year, the PTA market is expected to release about 10 million tons of new capacity, and the overall supply will become more relaxed.

At this stage, the downstream demand boom is very low, and the factories and the bomb companies are shutting down. Polyester industry slicing and staple fiber are in a loss to stop losses.

Coupled with the tight funding at the end of the year, a number of reasons for the PTA market have become negative.

The gap between the upper and lower markets is also aggravated.

Zheng Shang Post's post position report shows that most of the main seats of PTA futures were increased.

Overall, the top 20 multi seat seats increased by more than 21940 to 175443 hands, while the first 20 empty seats increased by 36086 to 203299 hands.

In the long term, China International, COFCO futures, grain futures and Zhejiang Yongan ranked the top four, of which China's international seat increased by more than 9195 single hand on that day.

"Producers' overhaul and reduction are aimed at coping with the downturn in downstream demand and stabilizing prices. It is difficult for them to really boost prices.

If downstream polyester sales can not rise, PTA prices can hardly rise independently.

The last round of PTA's high position occurred in mid August, because the market's speculation on raw material PX did not last long.

At present, the price will be faced with great pressure near 8500 yuan / ton.

Xu Chunsong, an energy and chemical analyst at new lake futures, said.

Despite the recent PTA price rise from the low, showing signs of warming, most industry insiders are still not optimistic about its later trend.

Everbright futures analyst Gao Hua also said that in the autumn of 2011, the hot overdraft of this year's PTA market, the downstream peak season is not prosperous, terminal demand continues to be weak, orders are seriously insufficient, so that the Jiangsu and Zhejiang region loom start up to 50%, the polyester plant operating rate is still maintained at 85% left and right level, but the stock pressure is rising, the price of polyester filament and staple fiber has been difficult to stop since mid September.

Only the absolute demand recovery of the industrial chain terminal can fundamentally solve the problem of PTA overmarket. The expansion of PTA capacity will lead to the further weakening of the pricing capability relative to the PX link, and it is too early to predict that the price of PTA will be reversed.