July 17PTA Daily Review: Profit Dominated Trend &Nbsp; PTA Market Is Weak (7.16)

Zhengzhou PTA futures opened lower in early trading in July 16th, and then fell back.

Among them, the main contract 1009 opened 6976 yuan / ton, the highest 7010 yuan / ton, the lowest 6938 yuan / ton, closing 6986 yuan / ton, compared with the 15 day settlement price fell 28 or 0.4%, turnover 655700 hands, holding positions 227918 hand.

The trend is that the US manufacturing and inflation data are weak and China's economic slowdown in the two quarter continues to suppress market sentiment. The uncertainty of the macro-economic market puts pressure on the commodity market.

PTA is still in the "three high" situation of high profit, high opening rate and high inventory, and the market is worried about policy tightening and foreign trade situation. If there is no big rebound in oil prices,

On the upstream market, the New York Mercantile Exchange (NYMEX) crude oil futures fell on the 16 day of Asia's electronic disk, less than 77 U.S. dollars / barrel, as a report showed that the decline in US manufacturing industry, the market worried that the United States fuel demand will decline in the mood intensified.

Around 15:00 Beijing time, NYMEX8 month crude oil futures fell 0.20 U.S. dollars, to 76.42 U.S. dollars / barrel.

Goldman Sachs fraud litigation cases were resolved, and the US stock market rose, pushing crude oil futures prices down in early trading.

Manufacturing in New York and Pennsylvania declined, and factory output in the US fell by 0.4% in June.

China's economic growth also slowed down. In the second quarter, China's GDP grew by 10.3%, down from 11.9% in the first quarter of 2009, and industrial output grew by 13.7%, less than 27% of the market expected value.

The Federal Reserve's New York Fed announced that in July, the comprehensive economic index dropped from 19.6 in June to 5.1. The Federal Reserve of Philadelphia, the Federal Reserve in July, dropped from 8 in June to 5.1, the lowest level since 2009 August.

Downstream market:

The spot market price is still fluctuating below 7000 yuan / ton, and the mainstream price of domestic materials is concentrated between 6900-6950 yuan / ton.

The price of the external market fluctuates little.

As the price of para xylene in Asia rose and fell this week, FOB Korea closed at $829.5 / ton as of Thursday, and CFR Taiwan closed at $844.5 / ton, basically unchanged from last Thursday.

The price of raw materials has stabilized and the stability of the downstream polyester market has restricted the PTA downlink space.

However, the fundamentals of the PTA market are still dominated by bad profits. The US economy is growing slowly, and the shadow of the European sovereign debt crisis lingers. The domestic regulation policy of the real estate market has not been relaxed.

The overall economic environment is still unfavourable, and the PTA market is expected to remain vulnerable in the short term.