January 30Th Market Morning Post: Cost Support PX Market Volatility Is Not Large.
1. yesterday's market situation
Yesterday (January 29, 2019) Asian PX prices rose 1.67 US dollars / ton to US $1059.67 / ton CFR Taiwan / China and 1040 US dollars / ton FOB Korea.
Yesterday, oil prices rebounded strongly, PTA night plate increased by a narrow margin, but terminal polyester enterprises had a holiday, and PX market demand was insufficient.
At present, the industry is concerned about the trend of ACP negotiations. Yesterday, the PX spot market had poor enthusiasm for enquiry. It was reported that the spot trading price in March was 1059 US dollars / ton CFR Taiwan / China. There was no obvious fluctuation.
2. upstream market
(1) the closing date of 1/29: Saudi Arabia said it would cut production again in February and increase production cuts in the next six months. Meanwhile, the situation in Venezuela brought worries of supply contraction and strong rebound in international oil prices.
WTI53.31 rose 1.32 US dollars / barrel; Brent 61.32 increased 1.39 US dollars / barrel.
China's SC main force fell 1903 to 9.3 yuan to 418.2 yuan / barrel.
(2) naphtha: in January 29th, the current price of naphtha in Japan was 480.25 US dollars / ton, which fell by 7.75 US dollars / ton compared with the previous trading day. The current price of naphtha in Singapore is 51.67 US dollars / barrel, which is 0.88 US dollars / ton lower than the previous trading day.
3. short term forecast
Estimated cost support, today's PX market volatility is not large.
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