SunSirs: Supply and Demand Side Weakened, the Main PTA Futures Contract Fell more than 3%
September 09 2021 08:29:18 SunSirs (Linda)
On September 8th, the domestic PTA current price continued to weaken sharply. The average spot market price was 4756 yuan/ton, a single-day drop of 2.93% and a year-on-year increase of 32.44%. The main futures 2201 closed at 4768, down 148, or 3.01%.
In the near future, due to the restart of multiple PTA devices, the pressure on the accumulated library structure has increased, and the market mentality has weakened. Today's futures are strong on the short side. At the same time, international oil prices fell slightly, domestic PX inventories were high, and cost support was weak. The polyester market in the lower reaches of Jiangsu and Zhejiang is weak, and the industry starts at around 84%, and there is insufficient buying enthusiasm. Under the superposition of multiple negatives, the price fell significantly today.
The current PTA market is mainly dragged down by supply and demand, and market confidence is insufficient, and prices will maintain a downward trend in the short term.
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