Spot pressure pushes PTA futures to decline further
07 Dec '07
2 min read
December 5, PTA futures at Zhengzhou Commodity Exchanges fell, amplifying its downtrend, the most active contract 801 closed at 6996 yuan, or down 0.96 percent. Looking from position changes, main forces moved further towards contract 803, creating the largest trade volume of 33,484 lots ever since its list on the day.
Session trading was active, down in the morning but rebounded in the afternoon. Various indicators of the lines of day, week and month all showed bearish conformation.
PTA spot market prices continued to decline. Domestic PTA price quoted at 7,100 yuan per ton, down 50 yuan per ton, imported PTA price marked at 7,000 yuan per ton, down 100 yuan per ton.
In December Sinopec CNF price was offered at 7,600 yuan per ton. China Chemical Fiber PTA price index declined 1500 yuan to 6800 yuan.
Prices of semi-dull, bright polyester chips, CDP chips all experienced set back, PET bottle slice price moved sideways.
PSF prices were temporarily steady, acrylic staple fiber 1.5 D × 38mm, acrylic top 3D × 102mm prices changed little. CPL was stable, while nylon 6 slices slightly pulled back. VSF market trend remained stable. Polyester filament trading was still slim.
Downstream weaving factories held a wait-and-see attitude. Therefore the future market will be vulnerable with a tendency towards decline. Production and marketrate of fiber spinning factories are generally at 60-80 percent. Conventional filament varieties will face selling pressure.
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