PTA: RUSH HIGH AND THEN FALL

PTA: Affected by the increase in OPEC's production rate lower than market expectations, the overnight crude oil continued to rise sharply. PX closed at 920 US dollars/ton yesterday. It is expected that prices will continue to rise with crude oil in the day. PTA rose sharply at night and then fell back. In terms of processing fees, the processing fees of the current 09 contract are around 570 yuan/ton, which is slightly higher. The operation of the polyester plant maintained a high level of 93.1%, and the production and sales of polyester products remained light at around 3-4%. On the whole, it is still at the off-season level, with high inventory of grey fabrics and slower cargo turnover. The terminal market has not really started yet, and the upstream ability to pass on costs is limited. Yisheng Petrochemical’s July contract cargo reduction supply has certain support for the spot basis. Under the rising cost, PTA is operating strongly, and it is recommended to temporarily avoid short position.


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