PTA daily review of the hottest day on the 14th po

2022-08-02
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On July 14, PTA daily review: the rise in polyester prices pushed PTA higher in shock

driven by the rise in downstream polyester prices, Zhengzhou PTA futures continued to rise on July 14, with the main 0909 contract opening 7226, the lowest 7216, the highest 7302, closing at 7290, up 112 points, 365240 transactions and 4174 position increases

on the disk, the rebound of crude oil at the bottom and the rise of polyester prices are expected to continue the bullish trend in PTA market. Technically, PTA is above the early rising trend line and all moving averages, and the rising channel remains good

crude oil futures on the New York Mercantile Exchange (NYMEX) rose for the first time in three days during the Asian electronic trading session on the 14th, due to the optimistic expectation that the global economy is recovering from the recession, thus boosting fuel demand. Analysts pointed out that "the economy shows bright spots, especially the Chinese economy." At 12:10 Beijing time, NYMEX August crude oil futures rose 65 cents to $60.34/barrel. The settlement price of the contract fell by 20 cents on the 13th. Wei paid special attention to silk fibroin, a protein found in the silk fibers of spiders and moths, to $9.69 per barrel, a decrease of 0.3%, the lowest level since May 19. Ice August Brent crude oil futures rose 53 cents to $61.22 a barrel. The settlement price of the contract rose 17 cents to $60.69 a barrel on the 13th, or 0.3%, due to the increase in European refining demand

on July 13, Asian PX fell by $6 to USD FOB Korea, while European PX basically stabilized at USD 900 FOB Rotterdam. On Monday, Asian benzene rose $10 to $795/ton FOB Korea, while European benzene fell $10 to $890/ton FOB Rotterdam. Influenced by the rising futures, PTA prices also rose, with the China fiber price index PTA at 7200, up 50 points; MEG prices are still strong, and the mentality of reluctant to sell is still strong

Jiangsu and Zhejiang polyester still rose sporadically. The price increase range of manufacturers ranged from RMB yuan/ton at the "green and low carbon development of China's industry" conference held at the United Nations Climate Conference for the first time. Relatively speaking, FDY rose significantly. The market of 1.4d polyester staple fiber in Jiangsu and Zhejiang is still rising, and the sales are OK. The two-dimensional hollow factory in Cixi has a slight upward intention, and the sales are OK. Jiangsu and Zhejiang semi-finished slices were adjusted steadily, and the mainstream quotation remained stable around 8700 yuan/ton (cash acceptance). The downstream chip spinning slightly conflicts with the current market price, and the purchasing enthusiasm is weaker than that in the early stage

the market price of caprolactam remains strong, the market trading is light, the high-end goods in the nylon chip market are strong, and the low-end goods are slightly weak. The price of nylon filament has maintained a slight upward trend this week. The price of semi-finished chips has remained high, pushing the price of silk up. The manufacturer has not much inventory. The domestic acrylonitrile market continued to be stable, the inventory of the owner decreased, and there was no shipping pressure. Before the domestic SECCO shipping quotation, it remained calm, the transaction atmosphere was general, and the spot price of the port was RMB/ton

after entering the midsummer off-season, the acrylic fiber market has a weak downward trend in demand volume. However, due to the insufficient operating rate of manufacturers and tight supply, the overall supply-demand relationship of the market is relatively balanced, and the acrylic fiber market will continue to be subject to stable adjustment in the short term. The domestic spandex trading atmosphere continued to weaken, and the Department completed the 04 special adjustment work, and the preferential operations of manufacturers and traders gradually increased. However, at the same time, because the inventory of suppliers was still significantly low, it was still the mainstream mentality of many enterprises, especially model manufacturers, to maintain stability and wait-and-see. The market price of viscose staple fiber decreased steadily, and the market shipment status was slightly worse than that in the early stage

since the middle of June, the polyester market has shown a trend of simultaneous increase in volume and price. The polyester operating load has been stable at more than 75%, and the factory inventory has been controllable without obvious inventory pressure, which has laid the foundation for the stability of the polyester market. Meg, another main raw material of polyester, is also relatively strong because the ethylene price in Northeast Asia continues to rise, providing cost support for polyester products. The price of polyester products has increased by yuan. In addition, the electricity consumption of Shaoxing textile industry has stopped falling and rebounded, with a year-on-year increase of 0.67% in June. The load of Jiangsu and Zhejiang looms has also rebounded from 58% in early June to 61% at present. The textile industry market has stabilized. On the whole, although the textile industry is still in the traditional off-season, the polyester Market in the upper reaches of the textile industry has been started in advance to prepare for the arrival of autumn demand, which has become the main driving force of PTA's strong rebound

overall, the PX supply shortage will continue to be maintained in the short term, and the early start of the downstream polyester market will provide some support for PTA to continue to rise. However, the deep adjustment of crude oil will have a psychological impact on PTA bulls, and the daily K-line deviates far from the average. It is expected that PTA will continue to be dominant in the short term, and be wary of callback

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