PTA Futures End The Bad Situation Of "Three Successive Yin"

On Tuesday (June 16th), PTA futures opened up and down the previous day, ending the trend of "three successive Yin".

At the close, PTA futures contract of 1509 yuan was 5094 yuan / ton, up 26 yuan / ton or 0.51%.

The contract was traded 1 million 566 thousand times a day, with a total reduction of 22 thousand hands.

Some analysts said that yesterday's trading volume was relatively enlarged earlier, indicating that the enthusiasm of fund participation was high. The recent stock market adjustment did not exclude some funds from entering the commodity sector.

On the spot, JOYOU information data show that Tuesday PTA market rose slightly, futures TA1509 shocks closed Yang, spot prices stable small rise, trading atmosphere flat.

Because crude oil prices rebounded intraday, pushing up PTA futures prices, but helpless at present, the market demand is low, polyester factories are mostly based on contract PTA, purchasing PTA on spot is negative, so even if PTA prices rise, buyers also lack enthusiasm.

Current domestic PTA device

70% up and down, and downstream polyester factories operate at around 79%.

In theory, supply is slightly larger than demand, polyester production and marketing are flat, and theoretical production is in deficit. Later, polyester plant operation rate is easy to fall and difficult to rise, and PTA just needs to continue to fall.

At present, the market mentality is empty, cost support but weak demand. It is expected that the short-term PTA market will fluctuate slightly.

Downstream, cause

Domestic consumption and export weakness, weaving and bomb products increased a lot of inventory, the boot continued to decline, the overall increase in elasticity, weaving started down to 77%, 70% respectively.

In particular, the early performance of the Taicang and Changxin bombs increased significantly.

Last week, Jiangsu and Zhejiang polyester production and sales in the vicinity of 7-8, polyester stocks small increase.

As of last Friday, the POY, FDY and DTY stocks of Jiangsu and Zhejiang polyester factories were in 16.7 days, 20.5 days and 23.6 days respectively.

For the aftermarket, Huatai futures analyst Cheng Lin believes that overall, the current crude oil is still strong shocks, naphtha and PX follow high, part of the PX device because of profit reasons negative, PTA costs have some support.

According to Yisheng Hainan's latest news, this week's PTA device load will rise to around 70% and return to oversupply.

Downstream polyester stocks are rising, losses are increasing, demand is weak, and load will continue to decline. Overall, the cost side is slightly stronger, consumption continues to be weak, PTA supply rises and stocks are abundant, prices will remain weak.

Later, it concerns whether crude oil can break through the consolidation interval, PTA current price differentials and delivery stock inventory in and out.