Today (September 2nd), the closing price of PTA main futures TA2501 was 5140 yuan/ton, a decrease of 274 yuan/ton, a decrease of 5.06%, with a settlement price of 5248 yuan/ton and a daily increase of 174465 lots. The spot price followed the decline. According to the Commodity Market Analysis System of Shengyi Society, the average spot price of PTA in East China was 5223 yuan/ton, a decrease of 2.96% from the previous trading day.
The decline in crude oil prices has led to a collapse in PTA cost support. On August 30th, the settlement price of the main WTI crude oil futures contract in the United States was $73.55 per barrel, a decrease of $2.36 or 3.1%. The settlement price of the main Brent crude oil futures contract was $76.93 per barrel, a decrease of $1.89 or 2.4%.
The promotion of demand for polyester during the peak season is slow, and the short-term positive driving effect brought by downstream low-priced procurement is not obvious, resulting in a low intention to receive goods. Yesterday, the 1.2 million ton PTA plant in East China was shut down for maintenance, but the PTA industry’s operating rate remained at a high level around 85%, and there was ample short-term supply of goods.
Analysts from Shengyi Society believe that PTA is still facing pressure from accumulated inventory, and the bearish sentiment in the commodity market is strong, which poses significant resistance to PTA’s rise. In the short term, prices will continue to operate weakly. As the traditional consumption peak season approaches, the downstream polyester operating load rate and terminal weaving machine operating rate are increasing, and there are still plans to put new polyester production capacity into operation. The expectation of demand recovery will benefit the market mentality.
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