January 24Th Market Morning Post: Cost Demand Double Profits PX Market Continued Downtrend
1. yesterday's market situation
Cost demand was double negative. Yesterday, Asian PX prices dropped by 11.67 US dollars / ton to US $1075 / ton CFR Taiwan / China and 1055.33 US dollars / ton FOB Korea.
Overnight crude oil continued to fall, due to polyester production and sales down, downstream PTA spot market shock downward, in April, PX spot was 1073 U.S. dollars / ton and 1074 U.S. dollars / ton CFR Taiwan / China, the price fell deep.
2. upstream market
(1) the closing date of 1/23: Russia's actual output cut is not good, and international oil prices continue to fall, but the recovery of US stocks and the weakening of the US dollar limit the decline.
WTI fell 52.62 to 0.39 dollars per barrel; Brent 61.14 fell 0.36 dollars / barrel.
China's SC main force fell 1903 to 10.1 yuan to 428.4 yuan / barrel.
(2) naphtha: in January 23rd, the current price of naphtha in Japan was 485.375 US dollars / ton, which fell by 6.625 US dollars / ton compared with the previous trading day. The current price of naphtha in Singapore is 51.81 US dollars / barrel, which is 0.71 US dollars lower than that on the previous trading day.
3. short term forecast
The PX market is expected to continue its downward trend today.
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