PTA

Last week, the PTA futures first suppressed and then increased. Compared with the beginning of July, the cumulative increase reached 6.22%, and the position of the trading positions increased significantly. The signs of capital entry were very obvious.

On the spot side, the domestic PTA East China quotation is between 9300 and 9350 yuan / ton, and the price of Taiwan products in the Asian market is between 1180 and 1185 dollars / ton, while the quoted price of Korean goods is between 1155 and 1160 US dollars / ton.

In addition, as the futures market is stronger, the spot market quotation has risen, and the current price spreads have also shifted from negative to positive.

Judging from the price difference between futures and near far contracts, it has reached its highest level since April, and the 1201 to 1109 contract premium is 146 yuan / ton.

In the short term, PTA has been on the four day since the sharp rise last Wednesday, and is facing 60 day average pressure.

crude oil

The weekly report released by the American Energy Information Association (EIA) on Wednesday showed that crude oil and gasoline stocks fell more than expected in the week July 8th.

Stocks of crude oil depot reduced by 3 million 120 thousand barrels to 355 million 460 thousand barrels, and gasoline inventories decreased by 840 thousand barrels to 211 million 700 thousand barrels.

Cushing crude stocks increased 615 thousand barrels to 37 million 650 thousand barrels in crude oil delivery.

The main reason for the decrease in stocks of crude oil and gasoline is that the United States plans to release more than 30 million barrels of strategic oil reserves in July and August, and the market is preparing for the release of strategic oil reserves.

Upstream PX

Judging from last week's trend, the price of oil and naphtha (CFR Japan) basically maintained at 96 USD / barrel and 960 USD / tonne near consolidation, while PX price continued to rise. At present, the Asian PX spot price is 1477.5 USD / tonne, up 80 US dollars / ton compared with last Monday's quotation, and the price difference between naphtha and Asia has expanded to 480 USD / ton.

The manufacturing cost of PTA converted to PX (CFR Taiwan) is near 8650 yuan / ton, and its profit has dropped to around 520 yuan / ton.

Due to the explosion of CNOOC Huizhou refinery in July 11th, the annual output of 900 thousand tons of para xylene unit was disrupted. In addition, some businesses expected that demand would increase in the fourth quarter due to the traditional peak season, thus increasing interest in the purchase of cargo in August, and the rise in PX prices would further reduce PTA manufacturing profits.

Downstream polyester

Last week, the price of downstream polyester filament increased significantly compared with the previous week, of which POY and FDY were more prominent while DTY manufacturers were relatively conservative.

At present, Jiangsu and Zhejiang market FDY150D/96F quoted 14500 yuan / ton, POY150D/144F quoted price 14960 yuan / ton, DTY150D/48F low bomb quoted price 16100 yuan / ton.

The load rate of enterprises is maintained at around 84%, and the production and sales of mainstream enterprises are broken again. The stock is kept at a low level. The DTY stock is 9 to 13 days, the POY stock is 5 to 7 days, and the FDY stock is 6 to 10 days.

In the short term, though upstream

MEG

Last week, the MEG market moved slightly upward. At present, the CFR Asia glycol market closed at 1183 - 1185 US dollars / ton.

The Asian glycol market has closed for four consecutive weeks due to poor downstream demand.

MEGlobal announced that the contract price of ethylene glycol in August was $1300 / ton CFRL/C90 days, down 50 US dollars / ton compared with the July contract price of 1350 US dollars / ton.

From the point of view of reducing prices, the MEG market is difficult to improve under the condition of downstream end users' contract goods and ample stock.

Operation suggestion

Overall, the fundamentals of PTA are relatively stable in recent years, and with the advent of incremental funding, PTA will continue to move upward.