January 10 Morning Post: PX Market Buying Positive, Prices Rose Sharply
1. Yesterday's market situation
Yesterday (January 9, 2019), the Asian PX market continued to rise by US $36.5/t to US $1021.17/t FOB Korea and US $1041.17/t CFR China. Supported by favorable factors, international oil prices both soared. Polyester production and sales high, PTA futures market shock up, spot prices rose sharply. PX market buying positive, multiple positive factors support, prices rose sharply.
Upstream market
(1) 1 / 9 closing: Saudi Arabia said that it would cooperate with OPEC to increase production reduction, effectively boost market confidence, and the pace of interest rate increase by the Federal Reserve slowed down, European and American stock markets recovered, and international oil prices soared. Iwtt was up US $32.52/2. Up to 1903.1 yuan / barrel in China
(2) Naphtha price fell by US $10.5/1.9/t from the previous day in Singapore.
2. Short term forecast
It is expected that in the short term, the PX aftermarket will be more volatile.
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