PTA Futures Low Position Last Week, The Downward Adjustment Is Not Big.

The PTA spot market is down, and the US dollar market is in a stalemate. The import trade is estimated at $605-606 / ton.

Today, the factory has a daily tour of $605-635 / ton.

PTA futures market shock declined, the spot market focus dropped, the East China PTA spot market offer was raised at 4600-4610 yuan / ton, the delivery rate was near 4570 yuan / ton, the spot negotiation basis basically maintained 160-165 yuan / ton, about 4590-4595 yuan / ton, warehouse receipt slightly higher 30 yuan / ton, spot afternoon integral negotiation basis remained at 160-165 yuan / ton, and some pactions in the morning were 4570-4575 yuan / ton since mentioning, individual suppliers 4581 yuan / ton self purchase behavior, afternoon center of gravity slightly improved.

There is little change in the focus of the external market, and the shipping offer is still near $605-608 / tonne, and it is estimated to be within 605 yuan / tonne.

Yisheng petrochemical September 23rd

The main port's offer is stable: the selling price of the internal disk is maintained at 4650, and the selling price of the US dollar is kept at 605; Hengli Petrochemical Co., Ltd. in September 23rd, the PTA main port quoted from the US dollar: $630 / ton, unchanged from the previous trading day.

Downstream situation: crude oil morning closing continued to rise, Jiangsu and Zhejiang polyester market mentality is OK, downstream appropriate stocking, mainstream quotations of polyester factory stable, partial concessions narrowed, approaching National Day holiday, if market production and sales continued to improve, the polyester Market partial increase.

The market for polyester and silk in Jiangsu and Zhejiang is estimated: POY150D/48F is 6800-6900 yuan / ton; FDY150D/96F is 7500-7650 yuan / ton; DTY150D/48F is 8550-8700 yuan / ton.

Market situation shows that Jiangsu and Zhejiang provinces

The operation of the market is stable and weak. The mainstream quotation of 1.4D direct spinning polyester and short market is 6900-7100 yuan / ton, or 6750-6850 yuan / ton short delivery.

There are many favorable terms for shipment.

PTA futures were weak last week, and the main 1701 contracts continued to operate in the 4700-4800 interval, closing at 4776 yuan / ton on Friday, or 20 yuan or 0.42% on a weekly basis.

This week, a large number of futures old warehouse receipts have been written off. The large outflow of warehouse receipts has made ample supply of spot goods. Some old warehouse receipts will be exchanged for deliveries again, which increases the pressure of futures hedging.

Upstream, this week's international oil prices have picked up, but the whole is still in a shock pattern. Next week, the frozen production conference will be held. The space for oil prices is still limited. The price of PX- naphtha oil price dropped to below US $400 / ton this week to the level of us $382 / ton, and the yield of PX processing link has raised the PTA processing fee by 450-500 yuan / ton level, which has attracted the increase of the warranty market. The uplink of the PTA price has been restricted, and the resistance of the 4800 line is obvious.

However, the compression of PX processing fee does not mean the decline of absolute price. The general trend of PX price is still dependent on the trend of crude oil, while the space of crude oil is expected to rise and fall is limited, and the downward trend of PTA price is not large.

In addition, Liu Rongjie said, with Hengli, Ningbo Taiwan, Honggang petrochemical and other mainstream manufacturers to restart the device, PTA load levels rise, the downstream polyester is also continuing to upgrade, has risen to about 83% level, PTA to reduce inventory strength has weakened, but has not yet returned to the state of increasing inventory.

In October, it is reported that Yisheng (Dalian) may have a maintenance plan in October. There is a set of equipment inspection in Hengli in early October, while the downstream polyester will still maintain high load in the condition of low product inventory and high demand season. The PTA rate in October will still be in the out of stock state, which will provide more support for PTA price.

At the end of September, the negotiation of PXACP is approaching. Based on the consideration of negotiation strategy, PTA price is expected to remain weak for a short time, but the space is limited.