Zhengzhou PTA Futures opened low on June 25, with a slight decline at the end of the day. Among them, the main 1009 contract opened at 7422/ton, the highest was 7430 yuan/ton, the lowest was 7368 yuan/ton, and the closing price was 7388 yuan/ton, 22 or 0.30% lower than the settlement price on the 24th day. The trading volume was 286200 yuan, and the position was 178600 yuan.

On the whole, due to the current macroeconomic situation is not very optimistic, there are concerns about slowing economic growth in China. After the European debt crisis triggered a downturn in the prospects of European economic growth, after a series of weak economic data were released in the United States, the market sentiment was unprecedentedly low, which dragged down the prospects of commodity demand. PTA fluctuates for several days, indicating that the pressure of 7500 yuan above is obvious. Insufficient cost support and unstable downstream demand are still the main factors restricting PTA rebound.

In the upstream market, the Asian electronic trading of crude oil futures on the New York Mercantile Exchange (NYMEX) fell on the 25th, below $77. It may be the first weekly decline in three weeks, because the market is worried that the European debt crisis may slow economic recovery and affect fuel demand. As of around 15:00 Beijing time, NYMEX August crude oil futures fell by 32 dollars to 76.19 dollars per barrel. An analyst said that the current macroeconomic situation is still not easy, and the increase in the number of durable goods orders in the United States has brought some positive effects on the prospects of crude oil demand, but he said he was concerned about whether crude oil prices could rise without the general trend of the market improving.

In terms of upstream raw materials, overnight crude oil fell, while downstream products fell, and Asian PX fell below $900. WTI fell 1.50 to 76.35, Brent fell 1.77 to 76.27 dollars/barrel; Naphtha fell 4 dollars to 670-671 dollars/ton CFR Japan; Heterogeneous MX fell 4 dollars to 766-767 dollars/ton FOB South Korea; Asia PX fell 13 dollars to 893-894 dollars/ton FOB South Korea, Europe fell 6 dollars to 897-901 dollars/ton FOB Rotterdam, and the United States was stable at 902-907 dollars/ton FOB US Gulf.

In terms of downstream consumption, the polyester raw material market is somewhat weak. Xiao Shao's semi gloss chip reported 9300-9600 yuan/ton in the morning, with cash or acceptance varying. Some factories' quotations decreased slightly, and the market transactions were light. The quotations of downstream direct spinning polyester short factories were large and stable in many aspects. However, due to the small inventory of some manufacturers and the impact of the power cap policy, Some of them have slightly increased. At present, the mainstream market quotation is 9800 yuan/ton, and the actual transaction price is still in follow-up. The transaction price of mainstream manufacturers in Jiangsu market is 9600-9650 yuan/ton; Jiangsu and Zhejiang polyester fibers were generally stable, and polyester FDY of some factories was increased by 50-100 yuan/ton. The market atmosphere was ordinary in the morning.

Although there are many kinds of chemical products involved in the tax rebate cancellation policy, PTA is mainly related to waste and scrap of polyethylene terephthalate, and the types of plastic and its products adjusted this time mainly include waste and scrap of ethylene polymer, waste and scrap of chloroethylene polymer, waste and scrap of other plastics, etc. As a downstream product of PTA, polyethylene terephthalate (PET) will reduce the profits of polyester factories after the cancellation of export tax rebate for waste, scrap and leftovers. However, the demand for raw material PTA may not have a great impact in the short term.