PTA: BASIS GO STRONG

PTA rebounded slightly yesterday. The contract goods of large factories in June were reduced one after another, and traders felt that the goods were strained, and the spot basis strengthened to 60 yuan / ton. In addition, Fuhai Chuang's 4.5 million ton PTA plant recently reduced its load to 70% or 80%, which is expected to remain until the end of May. Fundamentals: there is little pressure to accumulate in May, but from June to July, PTA will return to the accumulation pattern as a whole. Among them, the production of 3.3 million tons of Yisheng new material was postponed to July or August, and the production of 2.5 million tons of new PX plant of Zhejiang Petrochemical was postponed to July. At the polyester end, the start-up of the plant was reduced to 90%. PTA spot price continued to discount, and the basis rose. Crude oil and PX price drops down, polyester plants reduce their load, PTA price can hardly rise too much, hold short position at 4950-5000 area .


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