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SunSirs: Price of Raw Materials was Dragged down, Price of Staple Fiber Futures Fell Sharply on Oct 28

October 29 2021 08:09:46     SunSirs (Linda)

Spot price: On October 28, the average domestic spot market price of polyester staple fiber was 8281 yuan/ton, down 1.29% from last Thursday and up 36.89% year-on-year.

Futures market: On October 28, the PF2201 contract futures price closed at 7340, down by 3.65% from the previous trading day. In the morning, there was a drop limit and the settlement price was 7,330 yuan; the trading volume was 383325 lots; the position was 98645 lots, with a basis of 941. Domestic polyester industry chain futures all closed down today, PTA main fell 3.13%, ethylene glycol main fell 0.89%.

Analysis: On the cost side, US crude oil inventories have risen recently, and Iran may resume nuclear negotiations to suppress oil prices. US oil fluctuated sharply this week. The weekly decline reached 4.23%; PTA has recently restarted several major overhaul devices, and the market is adequately supplied, and the supply has been exhausted today. Futures plummeted by more than 3%; ethylene glycol was affected by domestic coal power control and the crackdown on futures speculation. Futures fell 23.7%% for nearly 10 consecutive days. On the demand side, the overall textile demand remains weak, the price of pure polyester yarn remains stable, the spot continues to be weak, and the inventory remains high. On the supply side, the supply of staple fiber has been reduced in recent months due to the impact of domestic dual control and dual restrictions.

Forecast: From the perspective of the market outlook, the price of polyester staple fiber may fluctuate weakly due to the fall in the price of upstream raw materials in the short term. However, the short-term decline is relatively large, and a short-term rebound cannot be ruled out. Pay close attention to price fluctuations on the cost side and changes in coal and electricity control and dual control policies.

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