International Crude Oil Price Rose Slightly, PTA Main Contract TA1105 Rose And Fell

1、 Market review

International crude oil prices rose slightly as the US dollar weakened and the demand for heating oil in winter supported investors' mentality. Affected by this, today Zheng Shang The main PTA contract 1105 of the Stock Exchange opened slightly higher, opening at 9520. The intraday price fluctuated significantly and rose, with the highest being 9520 and the lowest being 9492. In the afternoon, the price could not rise but fell, and finally closed at 9516, down 16, or 0.17%, from the settlement price of the previous trading day. The trading volume was 581086, and the position volume was 169482.

II Upstream and downstream market information

1. Investors worried that the expansion of the US fiscal deficit would depress the US dollar, and crude oil prices rose slightly

On the 9th Asian exchange market, the US dollar fell instead of US currency Collective rise. Investors worried about the expansion of the US fiscal deficit and the coming of potential inflation, which depressed the US dollar. Germany's industrial output in October was better than expected, indicating that the German economy is slowly recovering, which boosted the market's confidence in the euro. The ideal employment data of Australia in November released on the 9th also pushed the Australian dollar higher. According to the data released by the Energy Information Administration of the US Department of Energy on Wednesday, as of the week ended December 3, the US commercial crude oil inventory fell by 3.8 million barrels, which was higher than expected. At the same time, gasoline inventory increased by 3.8 million barrels and distillate oil inventory increased by 2.2 million barrels.

NYMEX crude oil futures on the New York Mercantile Exchange reported $89.08/barrel in January 2011, up $0.80 from the closing price on the previous trading day, and $89.56/barrel in February 2011, up $0.74 from the closing price yesterday. ICE Brent crude oil futures settled at $90.77 a barrel, down 0.7%. January crude oil futures The settlement price of the contract fell by 0.41 dollars, or 0.5%, to 88.28 dollars.

2. PX fell slightly compared with the previous trading day

On the 8th, Asian PX closed at 1297.00-1298.00/ton FOB South Korea, 1312.00-1313.00/ton CFR Taiwan, down 10 dollars from the previous day.

3. The price of polyester chips remains firm, and the market of polyester filament and polyester staple is more wait-and-see

The cost of polyester raw materials remains firm. Today, the center of gravity of East China polyester bottle flakes remains stable, and the price remains basically unchanged. The mainstream market quotation remains at 11800-12000 yuan/ton for ex factory or short delivery, while the negotiation level is around 11700-11900 yuan/ton for ex factory, and the higher small orders are sold at 12000 yuan/ton. Because the short-term price is difficult to fluctuate significantly, downstream demand is slightly improved, A small amount of short covering appeared in the market, but there was still no news of large orders, and the overall trading volume was slightly enlarged.

The market atmosphere of Jiangsu and Zhejiang polyester is general, and the downstream is still in a wait-and-see attitude. The mainstream market quotation is 12800-14000 yuan/ton, and the transaction focus is maintained around 12500-13000 yuan/ton. The mainstream polyester filament manufacturers in Xiaoshao, Zhejiang continued to report stability, but the overall market mentality was slightly weaker. Some specifications were slightly reduced. The intention of polyester filament factories to ship was strengthened. Some actual transactions were preferential. Today, the production and marketing declined to 6-80%. Some large factories were still slightly better at 100-150%, slightly lower at 4-5%. The wait-and-see mood of downstream and traders increased.

III Spot market observation {page_break}

In the afternoon, the atmosphere of the Asian PTA spot market was cold. A small number of Taiwan products were offered near $1170/ton. The buyer's wait-and-see mood was obvious. The mainstream negotiation was around $1160-1165/ton, and the Korean products were near $1145. The market was scarce.

In the afternoon, the PTA market in East China stabilized, and the market seller kept the offer near 9300 yuan/ton. There were few market inquiries, and the wait-and-see mood was strong. The mainstream negotiations were held near 9200-9250 yuan/ton, and the firm offer was light.

IV Market comments

In general, as the latest data from the US Energy Administration showed that the US fuel inventory level rose more than expected last week, the overnight crude oil price closed and PX price also weakened. The spot market in Asia and East China has stabilized, the downstream polyester chip price has remained stable, and the polyester staple fiber price has remained stable. Technically, the main PTA contract TA1105 rose and fell today. At about 10 o'clock in the morning, the position increased significantly and rose. But in the afternoon, with the A-share market diving slightly, the price fell to the 5-day moving average. In terms of operation, weak fundamentals cannot support PTA's upward movement in the short term, so it will maintain a volatile and weak market. It is recommended that investors sell short at high prices and operate within the day.