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Downstream Limits PTA Rebound

2011/5/27 13:48:00 33

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Main points:

1, upstream raw material prices and PTA production profits: WTI crude oil spot price is 100.89 (+1.79) U. S. dollars / barrel, CFR Japan naphtha price is 956 (+1) U. S. dollar / ton, FOB Korea MX price is 1167 (-5) US dollars / ton.

FOB Korea PX price is 1486 (-7) yuan / ton, import PX is equivalent to PTA production cost is about 8896 yuan / ton, PTA production profit is about 774 yuan / ton.

2, PTA spot price and exchange warehouse receipts: PTA internal disk

Goods in stock

The average price is 9670 (+100) yuan / ton, the external spot price is 1198.5 (+10) US dollars / ton, the import cost price is 9695 yuan / ton, the difference between the inner disk and the imported PTA is -25 yuan / ton.

The exchange's warehouse receipt is 7790 (-200).

3, price structure: PTA current price difference is 24 yuan / ton.

4, MEG price: domestic MEG 8775 (+75) yuan / ton, import MEG 1125 (+10) US dollars / ton

5, downstream polyester products price and polyester gross profit: large gloss polyester cut 11700 (-50) yuan / ton, semi gloss polyester chip 11600 (-25) yuan / ton, 1.4D direct spinning polyester 12650 12650 (+0) yuan / ton.

Polyester fiber

DTY 150D is 15800 (-100) yuan / ton, polyester POY 150D is 13600 (+0) yuan / ton, polyester FDY 150D is 13600 (-0) yuan / ton.

Polyester gross profit is 1776 yuan / ton.

Summary:

Though with

PTA spot

The price drop, the low price spot rigid demand moderate release, but the intensity is not obvious.

The current PTA futures rebound rate is obviously restricted by the downstream polyester production and marketing situation, and it is advisable to maintain a range of shocks on futures. There is a lot of pressure on the TA1109 contract. On the one hand, it is the pressure of the 20 average moving line. On the other hand, the pressure on the top spot near the 9760 point is still not small.