On June 25, domestic commodity futures rose in a large area, with energy and chemical products leading the way, while PTA, asphalt and soda ash leading the way. Among them, the turnover of PTA increased abnormally, ranking second for the first time. The rebar alone exceeded 88.7 billion yuan and broke through 5200 yuan in one fell swoop. As of the close, the main PTA rose 3.31% to 5180 yuan.
In the spot market, according to the price monitoring of the business community, as of June 25, the average price of domestic PTA market was 5159 yuan / ton, up 4.12% compared with the previous trading day and 40.44% year on year.
Recently, the overall oil price continued to fluctuate at a high level, with Brent’s center of gravity hovering around us $74 / barrel, which promoted the prices of downstream energy and chemical products. The increase in production is expected to suppress the upward space of oil prices, but the overall trend is still strong, and the focus of PTA prices has been boosted.
From the perspective of supply and demand, with the restart of PTA overhaul devices and the new devices having been put into operation, but after the suppliers announced the reduction of contract supply, the spot liquidity was still tight, and the centralized replenishment demand of traders and polyester factories increased, resulting in a stronger spot basis. The export pressure of terminal demand is still not relieved, and domestic sales are weak as a whole; However, the short-term polyester industry load is high, which needs support for PTA.
Xia Ting, an analyst at business news agency, believes that PTA suppliers will continue to reduce their contracts in July, and the cost side is relatively strong. In the short term, PTA prices will continue to fluctuate strongly.
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