Tuesday'S PTA Contract Opened Sharply Lower In The Morning And Steadily Increased During The Day.

Market Review

On Tuesday, the PTA contract opened sharply in early trading, and steadily increased during the day, closing the Zhongyang line. PTA futures contract TA1301 opened at 7388 yuan / ton, the highest price in the day was 7512 yuan / ton, the lowest price in the day was 7324 yuan / ton, closing price 7458 yuan / ton, and the closing price of the previous day was unchanged. Positions increased by 14 thousand to 542 thousand hands. Positions, the top 20 positions held 171329 hands, the first 20 positions 152204 hands, the first 20 net positions long 19125 hands.

Message plane

　　 U.S.A The stock market opened slightly lower on Tuesday and European sovereignty. debt crisis The United States is still pressing the market, and the United States has been announced before. manufacturing industry PMI data is weak, the US manufacturing PMI initial value in July was 51.8, the lowest since December 2010, the former value is 52.5.

The risk of Greece's withdrawal from the euro zone is approaching. The delegation of the European Commission, the European Central Bank and the International Monetary Fund returned to the Greek capital of Athens in July 24th to assess the situation of Greece's implementation of the Salvage Agreement, in order to decide whether to issue second rounds of relief funds. According to another source, the German government is not prepared to provide Greece with another important financial aid beyond its commitments.

Moodie Investors Service Inc has downgraded the outlook of AAA rating in Germany, Holland and Luxemburg from a stable to a negative one, on the grounds that the uncertainty caused by the European debt crisis has intensified. The July German comprehensive purchasing managers index (PMI) data released on Tuesday showed that in July, the German private sector's economic activity dropped to a low point in more than three years, due to a decline in new businesses, especially in manufacturing.

Spanish newspapers reported on Tuesday that if the ECB does not resume buying Spanish bonds to lower the financing cost of the country, the Spanish government will consider applying for a comprehensive bailout to fulfill its debt repayment obligations for the rest of the year, while avoiding the impending financial collapse.

HSBC released the July Chinese Manufacturing Purchasing Managers preview index of 49.5, a slight increase over June, and a final value of 48.2 in June.

The US crude oil futures price has gone up. Despite the poor performance of the eurozone data and the investigation that the German private sector has shrunk, China's HSBC manufacturing PMI preview hit a five month high in July, boosting the price of oil. On Tuesday, the US crude oil 09 contract rose 0.36 U.S. dollars / barrel or 0.41% to close at 88.50 U.S. dollars / barrel, Brent crude 09 contract rose 0.16 U.S. dollars / barrel or 0.15% to 103.42 U.S. dollars / barrel. Asian PX plummeted 61 US dollars / ton to 1384 U.S. dollars / ton FOB Korea on Tuesday.

Technical analysis

Technically, indicators such as RSI and MACD are downward, and PTA may continue to adjust in the short term. At present, PTA operates under the lower track of the brin channel, and fails to rush on within days, and is suppressed near 7450.

Trading strategy

Because of the European debt crisis once again aroused concern in the market, crude oil slump recently, PTA cost support suddenly weakened, increased the risk of downside. At present, the basic situation is also acceptable, and the PTA processing loss is serious, and the space for continued decline is limited. PTA price trend is still constrained by the upstream raw material market. Technically, the rebound pattern has been destroyed and is currently suppressed by the brink channel 7450. In view of the current market certainty of the macro market, it is proposed to leave the field temporarily.