PTA narrow range consolidation of the hottest Hait

2022-09-23
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Haitong Futures: there is still pressure in the medium term of PTA narrow consolidation (06.25)

yesterday, self-adhesive polymer modified asphalt polyester tire waterproof coiled material jc898 ⑵ 002 intraday

PX stopped falling, and PTA futures contracts were narrow consolidation yesterday. After the main 909 contract opened slightly lower, driven by buying, it oscillated all the way up to the 6840 line, and then fell slightly with the decline of the commodity market, closing at 6814, up 14 points from the settlement price of the previous trading day. The small decline in transaction is due to the decrease of a hydrated magnesium aluminosilicate non-metallic mineral, a slight increase in positions, and the return of long funds

fundamental analysis

in terms of spot goods, the PTA market is relatively stable and there are few transactions. The internal offer in East China is maintained at 6950 ~ 7000 yuan/ton, and the counter offer is 6850 ~ 6900 yuan/ton. I heard that there are transactions on the 6950 front line; There are few substantive negotiations on the external offer, the seller's offer increases, and the mainstream negotiation is 820 ~ 825 dollars/ton

in terms of raw materials, the overnight NYMEX crude oil futures in August closed up $1.56 to $70.23/barrel driven by the rise of US stocks; As an important processing equipment, the extruder of PX enterprises in Asia was stable overnight, and the quotation remained at 980 US dollars/ton (FOB Korea, l/c spot). The contract quotation of ACP in July was limited

in terms of consumption, the operating rate of polyester plant is maintained at 75%, the production and sales of polyester in Jiangsu and Zhejiang are in the doldrums, most of the industrial amplitude ranges from 40% to 60%, scattered small batches are in the majority, the market wait-and-see atmosphere is strong, downstream procurement is withdrawn, and the price focus of polyester is basically stable; The total transaction volume of the textile city fell back to 5.69 million meters, and the market passenger flow and new orders decreased

technical analysis

the period price contracted to close the positive son and mother, but the monthly line buckled high to form a back pressure, and the high-end pressure is heavy in the short term, so it should not be too optimistic

operation suggestions

pta market supply has increased significantly, and the commencement of new PX devices is bound to put pressure on PX prices. In the short term, PTA prices are under heavy pressure, but the stabilization of the industrial chain temporarily limits the room for decline. It is suggested to wait and see or focus on intraday trading

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