January 22Nd Market Morning Post: Cost Demand Double Positive PX Trend Strong Rise

1. yesterday's market situation

Yesterday (January 21, 2019) Asian PX prices rose 22.5 US dollars / ton to US $1092.5 / ton CFR Taiwan / China and 1072.83 US dollars / ton FOB Korea.

China's GDP growth rate is low, dragging down demand expectations and stabilizing international oil prices.

Cost support, yesterday PTA futures trading, night market continued to rise, spot prices rose sharply.

There was no spot paction for PX yesterday, but it was heard that the last delivery in April had risen to 1876 US dollars / ton, and the cost demand was double positive. The overhaul of March was more frequent, and the PX market rose strongly.

2. upstream market

(1) 1/21 closing day: China's GDP growth rate is low, dragging down demand expectations, but OPEC is actively implementing the reduction in production and the decline in the number of us oil drilling.

WTI closed for the day on Martin Ruud Kim Memorial Day in the United States; Brent rose 62.74 US $0.04 / barrel.

China's SC main force rose 1903 to 11.1 yuan to 435.9 yuan / barrel.

(2) naphtha: in January 21st, the current price of naphtha in Japan was 498.38 US dollars / ton, which fell by 0.25 US dollars / ton compared with the previous trading day. The current price of naphtha in Singapore is 53.12 US dollars / barrel, which is 0.16 US dollars lower than that on the previous trading day.

3. short term forecast

The PX market is expected to be in high order today.