Last night, oil prices fell the biggest since the end of May, with Brent prices falling directly from a high of 77.84 to a low of 74.13, and a huge fluctuation of $3.7 in the day, which made the market feel chilly. The failure of opec+ conference and the divergence of oil producing countries’ production have led to uncertainty of the oil market prospects and market worries. The crude oil market appeared “emergency brake”, which affected the main PTA contract fell, down 5.02%, closing at 5108 yuan / ton. Spot market followed the decline. According to the price monitoring of business agency, the average domestic PTA spot price as of July 7 was 5140 yuan / ton, down 4.25% compared with the previous trading day, up 41.95% year on year.
In fact, since the late June, the domestic PTA price has increased significantly. As of July 6, the average price of domestic PTA spot market was 5368 yuan / ton, up 12.99% compared with June 21, and 47.12% year-on-year. PTA futures also continued to rise, with prices hitting the 5500 yuan mark, a record since october2019. Opening on July 6, the market rose directly to 4%. As of the closing, the main futures contract of 09 was up 2.75% at 5378 yuan / ton. In the background of strong crude oil, in addition to cost promotion, PTA provides a good support for the basic aspect of the recent phase of reservoir removal. Yisheng Dalian plant stopped for 2 weeks, and the overall starting load of PTA plant in China dropped to 76% by a large margin. At the same time, downstream enterprises have to increase spot purchase after the contract goods are reduced.
Analysts from business society believe that although the crude oil end has fallen, PTA remains in more equipment to be serviced in July, and it is expected to focus on maintenance or cause stage supply tension. The terminal order is expected to rise to a small extent, and the production and marketing ideal form a certain positive. It is expected that PTA price will be mainly fluctuating in the short term, and the crude oil and its new capacity will still be concerned.
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