January 9Th Market Morning Post: PX Lower Buying Positive Bullish Atmosphere

1. yesterday's market situation

Yesterday (January 8, 2019), the Asian PX market continued to rise 10 US dollars / ton, the price was 984.670 US dollars / ton FOB Korea and 1004.64 US dollars / ton CFR China.

Canadian pipeline capacity is limited, European and American stock markets are recovering, and international oil prices have risen sharply.

PTA futures prices are strong and volatile, but as the Spring Festival draws near, polyester terminal demand will drop, and PTA price shock adjustment is expected in the near future.

At present, the PX market has a positive buying trend, and the industry is bullish.

Upstream market

(1) 1/8 closing: Canadian pipeline capacity is limited, European and American stock markets are recovering, and market confidence in OPEC's implementation of production reduction has increased, and international oil prices have risen sharply.

WTI49.78 rose 1.26 US dollars / barrel; Brent 58.72 increased 1.39 US dollars / barrel.

China's SC main force rose 1903 to 3.2 yuan to 409.1 yuan / barrel.

(2) naphtha: in January, 8, the current price of naphtha in Japan was 466.25 US dollars / ton, down 9.25 US dollars / ton compared with the previous paction price, and the current price of naphtha in Singapore area was 49.43 US dollars / barrel, which fell 1.03 US dollars / barrel compared with the previous trading day.

2. short term forecast

PX is expected to narrow in the near future.