Xiangyu Futures: Crude Oil Rose &Nbsp, PTA Or Touch Pre High Point.
Upstream market
Affected by the events in the Middle East, New York crude oil rose more than 6% to 95 dollars, a 2 year high.
The price of light crude oil futures delivered in April rose 6.3% to $95.39 a barrel yesterday.
Yesterday, Asian PX prices remained high and j stagnated and closed at $1675 / tonne CFR, Taiwan, down 9 US dollars / ton.
Spot market
The focus of PTA (11844,24.00,0.20%) spot market continues to move downward.
Domestic market
The main offer is 11550 yuan / ton, the delivery rate is 11400-11450 yuan / ton, and the market discussion is around 11500 yuan / ton.
In terms of us gold plate, the current market volume of Taiwan's supply market is more than US $1470-1475 / ton, with limited enquiries, and the delivery rate is more than US $1460-1465 / ton. The market is expected to be around 1465 US dollars / ton. At present, the market quotation for Korean products is 1460 US dollars / ton, and the purchase price is mostly 1450 U.S. dollars / ton.
polyester
raw material
The market is stable and the reserve requirement is raised again and downstream.
Recruitment difficulties
And other factors, Jiangsu and Zhejiang semi light chips continue to shake weak.
Semi light section manufacturers offer to maintain, the early morning mainstream talks in the vicinity of 13500-13600 yuan / ton.
The market in Jiangsu and Zhejiang has been quoted in the price of 13400-13650 yuan / ton, and the price in the Jiangsu and Zhejiang market is 13400-13600 yuan / ton.
In recent days, the market has been buying less gas. There are not many substantive pactions. The downstream needs to collect more goods and wait for the further recovery of downstream demand.
Futures market hints
Overnight crude oil soared, PTA will rebound today.
The sharp rise in crude oil will surely change the current pattern of commodity inflation.
The key is whether such a sharp rise will continue.
We believe that oil prices may continue to rise before the price difference between Brent and WTI is back, but it is uncertain whether the price will rise.
Therefore, PTA's futures performance will change after crude oil has stronger expectations.
As we said earlier, the fundamentals of PTA have weakened, which has seen a larger decline compared with the year before.
The start up of the terminal textile enterprises has been gradually resumed, but the enthusiasm for purchasing polyester and dacron is not high. The reason is that the price difference of polyester fiber is too large before the festival. At the present high price state, no terminal enterprises dare to make a large stock of goods.
The polyester plant has enough operating capacity, resulting in a decline in production and marketing ratio, and inventory began to accumulate, forcing polyester enterprises to sell at reduced prices.
However, the profit of polyester polyester yarn has been greatly reduced, which is close to the margin of loss. If this situation continues, polyester plant will reduce the utilization rate and inhibit the supply of polyester polyester yarn.
As a result, the demand for PTA will continue to decrease.
Whether the rise of crude oil can change the industry mentality of the industry chain needs 1-2 days of observation.
On the operation, PTA is opened at 2% today, and the upper pressure is 12350.
In the short term, the direction of PTA is unknown. It is suggested that fast forward and fast out operation be the main operation.
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