PTA market opened lower amid shocks and futures price fell back below 5-day average line, due to pressure from continued weak fundamentals. PX grew by $7 to US $929 per ton, due to low supplies in the market.
Polyester markets too struck to a declining end and inventory pressure increased further. Operation rate of PTA production is still high, which has increased pressure on spot market, with current PTA spot prices quoting at 7,100 Yuan / ton.
Short-term PTA price is most likely to maintain in the range of 7,000-7,400 Yuan per ton due to support from downstream sector.
Trading atmosphere in PTA import spot market was in a stalemate, holders offered their intention at about US $850 per ton, while counteroffers from downstream sector were at US $830-835 per ton.
Fibre2fashion News Desk - India
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