Ruida Futures: PX Fell Sharply PTA Continued Downtrend

Situation: Zhengzhou PTA1501 contract opened at 5560 yuan / ton, closing at 5572 yuan / ton, down 74 yuan / ton compared with the previous trading day, or 1.31%, trading volume down to 1 million 55 thousand hands, and holding position 85712 to 895 thousand and 600 hands.

News: 1 and 10, Asian PX quotations fell 41 US dollars to 1094.5 US dollars / ton FOB Korea and 1115.5 US dollars / ton CFR China Taiwan.

2, Sinopec East China sales branch October PX listing price of 8800 yuan / ton, down 500 yuan / ton.

3, ExxonMobil's PX facility in Singapore began to stop for routine maintenance in October 6th. The maintenance time will last several weeks, and the driving time will be determined.

Spot price: the East China PTA market offer was maintained at 5850-5880 yuan, and the delivery was less than 5800 yuan and up. The negotiations were expected to be around 5800 yuan, and the paction was scarce. The US dollar offer was close to US $5800, and the paction was $770 and up. The negotiation lasted for about 780 US dollars, with less turnover.

Data: the exchange warehouse receipt is 5871, which is flat compared with the previous trading day, and the effective forecast is 0.

Conclusion: international crude oil futures prices rebounded slightly from four year lows, and Asian PX prices sharply reduced; domestic PTA operating rate rose to around 74%; some manufacturers in October PTA contract price dropped to 6700 yuan / ton, PTA spot prices continued to decline, the market atmosphere was weak; polyester market decline, downstream weaving enterprises procurement raw materials cautious.

Technically, the PTA1501 contract fell, the price test tested the 5500 line support, and the short line continued to adjust the trend.

Operation, relying on 5800 empty single holding.

Ruida Futures: buying up, Zheng cotton go higher

Domestic trend: 13, Zheng cotton 1501 contract opened high, opened at 13410 yuan / ton, closing at 13570 yuan / ton, compared with the previous trading day up 245 yuan / ton, turnover volume shrank sharply, the position reduced 11158 hand to 488128 hands.

External trend: ICE rose second weeks ago, and the US Department of agriculture lowered 2014/15's US cotton output forecast before, and worries about tight supply in the short term.

The US Department of agriculture's monthly report on supply and demand released a high of 65.50 cents in the ICE-12 cotton market. After that, it cut sharply and increased 0.16 cents, or 0.3%, at 64.10 cents a pound.

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In 1 and October 10th, the US Department of Agriculture released the monthly forecast of cotton supply and demand. The report raised the global cotton end inventory of 180 thousand tons to 23 million 320 thousand tons in 2014/15, mainly due to the increase in initial inventory, while production and consumption also increased, but they offset each other.

2, as of October 12, 2014, there were 7 provinces in the 2014 cotton year. 244 cotton processing enterprises processed cotton according to the cotton quality inspection system reform plan and carried out notarization inspection. The inspection volume reached 234745 packages and 53217 tons.

Spot side: cotton index 3128B price is 14885 yuan / ton, compared with the previous trading day fell 50 yuan / ton.

Conclusion: the NDRC will no longer issue cotton import quotas, guide enterprises to use domestic cotton, and do not throw them aside until March 2015, which will boost the futures of Zhengzhou cotton in recent months, and this will also reduce the linkage between domestic and foreign cotton prices in the short term.

Technically, Zheng cotton 1501 contract to maintain a trend of oscillation rebound, KDJ index continues to diverge upward, is expected to continue to rise in the short term.

On the operation, buy short lines and buy more.