Hongyuan Futures: PTA Callback Or Inevitable

Main points:

1, upstream raw material price: WTI crude oil spot price is 106.8 barrels, CFR Japanese naphtha price is 1072 US dollars / ton, FOB Korea MX price is 1417 yuan / ton. FOB Korea PX price is 1659 tons.

2, PTA spot price: PTA internal average spot price 9050 yuan / ton, the external spot price is 1198 U.S. dollars / ton.

3, MEG price: domestic MEG 8150 yuan / ton, import MEG 1092 dollar Tons per ton.

4, the price of downstream polyester products: large Everbright polyester cut 10800 yuan / ton, half light polyester chip 10800 yuan, 1.4D straight spinning polyester 11700 11700 yuan / ton, polyester DTY 150D 13200 yuan / ton, polyester POY 150D 11800 yuan / ton, polyester FDY 150D is 12250 yuan / ton.

5. downstream production and marketing: Jiangsu and Zhejiang Mainstream plant polyester production and sales are relatively low, most of the 5-7, local higher 8-10.

6. device dynamics: Yangzi Petrochemical No. 2 250 thousand ton PTA installation began in March 1st to arrange parking expansion, about 9 months or so; PW Petrochemical 900 thousand tons PTA plant in late March plans to arrange 1-2 weeks to stop maintenance; Taiwan Sino US and 250 thousand ton device October 2011 parking, restart time is not yet determined. 5 tons of 400 thousand tons of equipment in mid March plan for two weeks or so maintenance; Taiwan Ya Dong Petrochemical 400 thousand tons plant in March 4th, scheduled for 21 days of routine maintenance; it is reported that, due to the Ulsan power maintenance effect, South Korea's Samsung 1, 2, 3 PTA device April plans to arrange maintenance around 15-20 days. Other PTA installations in the region are also affected.

Summary:

PTA market before the obvious differences, the theme of the hot oil. Price Rising, but the current crude oil has been callback. The theme before the empty market is the obstruction of downstream weak demand on the market. After entering March, there are some stages of replenishment demand release, but not very sustainable. But technically, the PTA main contract closed the day before yesterday, and there was a pressure near the previous high of 9250. Yesterday, the line was barely absorbed on the 5 day moving average. With the external environment, PTA callbacks or inevitable. On the operation recently, the empty list continued to hold, and the 5 day moving average continued to increase and the stop loss point was 9250.