Upstream and downstream Qi Li empty PTA continue to look low

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Zhengzhou PTA futures fell deeper on the 19th, with the main 1201 contract closing at 8460 yuan/ton, down 140 yuan. Yesterday the domestic PTA to high open low go to the end, the overall weak pattern appears no doubt. Moody's downgraded Spain's sovereign rating from Aa2 to A1, coupled with the slowdown in China's GDP data, the macroeconomic situation remains worrying. Raw material PX fell sharply, PTA cost center of gravity moved down. Domestic and foreign demand decline, the terminal textile industry dismal operation. Macro and supply and demand side of the negative superposition forced PTA into a new round of decline, overnight crude oil fell, PTA short-term target position temporarily looked to 8000.

New York Mercantile Exchange (NYMEX) crude oil futures closed lower on the 19th. The selling in the late trading session led to a 2.5 per barrel drop in oil prices. The lingering concerns about European debt problems offset the impact of the sharp drop in US crude oil inventories last week. The settlement price of the NYMEX November light and low-sulfur crude oil futures contract fell 2.23 US dollars to 86.11 US dollars per barrel, a decrease of 2.5; the contract will end trading on the 20th. The December light, sweet crude oil futures contract closed down $2.24, or 2.5 percent, to $86.29 a barrel.

The latest Beige Book report released by the Federal Reserve (Fed) shows that the economy of most jurisdictions in the country has achieved moderate or small growth, but the job market has shown little sign of improvement. In addition, Germany and France have made no progress on how to increase the rescue capacity of the European rescue fund, and Moody's downgraded Spain's sovereign debt credit rating by two levels, all of which cast a shadow over the outlook for European debt.

Asia PX fell US $30 to US $1569-1570/ton FOB South Korea, Europe fell US $26 to US $1494-1496/ton FOB Rotterdam, and the United States fell US $25 to US $1545-1550/ton FOB US Gulf. On the spot side, the PTA market continues to be weak, with individual negotiation intentions of the inner plate at around 9,300-9,350 yuan/ton and the outer plate at 1185 us dollars/ton for Korean goods.

In the downstream market, the quotations of some direct spinning polyester short factories are temporarily stable. However, with the weakening of futures and stock markets, lack of market confidence, coupled with the recent light sales and the increase in factory inventory, the quotations of mainstream factories of private enterprises have been lowered by 100 yuan/ton, and the mainstream quotations of half-light 1.4D have been lowered to 12750-12850 yuan/ton. Most of the transactions are still under negotiation. Jiangsu and Zhejiang polyester silk continued to be weak, the price center of gravity is still lower, the terminal demand is poor, the downstream procurement is weak, the cautious wait-and-see mentality is dominant, and the overall confidence of the industrial chain is insufficient.