Crude Oil Prices Fell PTA High Shock

　　 Zhengzhou PTA futures narrowed on the 30 day, the main 1409 contract closed 7400 yuan / ton, down 4 yuan / ton. PTA enterprises still maintain a limited price policy, will boost the spot market, will also form effective support for the price. It is expected that the recent price will be dominated by high concussion and concussion.

Crude oil futures fell on Wednesday, due to government inventory data showing increased oil storage. NYMEX crude oil futures contract fell $0.7 or 0.7% in September, at $100.27 a barrel. ICE Brent crude futures contract fell $1.21, or 1.1%, at $106.51 a barrel.

U.S.A Energy data association (EIA) data released on Wednesday showed that in the week ending July 25th, US crude oil Stock Drop 3 million 697 thousand barrels to 367 million 374 thousand barrels. Analysts and traders surveyed averaged an average of 1 million 800 thousand barrels. Late Tuesday, data released by the American Petroleum Institute (API) showed that crude oil inventories decreased by 4 million 400 thousand barrels during the week.

The spot market in East China saw a heavier atmosphere yesterday, and the offer remained at 7550 yuan / ton or above the level. The stalemate was around 7500 yuan / ton. The cargo market was light, the offer was maintained at 1000-1005 US dollars / ton, and 1000 dollars / ton was discussed. The TA09 current price difference yesterday was about 150 of the futures market.

Related links:

According to foreign news on August 1st, XiJin, a management member of China cotton net, said that China's cotton output had dropped by 24%, as the government stopped its purchase of cotton from farmers.

China is the largest cotton consumer in the world.

He said that the current policy makers did not say how to keep cotton growing in central and eastern regions, because the new policy covers only major cotton producing areas such as Xinjiang in the northwest. Cotton production in China is expected to drop to about 5 million tons next year, down from 6 million 600 thousand tons forecast this year. Chinese officials say they will try a direct subsidy system for cotton farmers in Xinjiang and replace the previous cotton purchase and storage projects supported by government funds. However, the government has not indicated what measures will be taken to the cotton farmers in the inland areas and whether the direct subsidy system will be extended to the inland areas.

This means that if you are not a cotton grower in Xinjiang, you'd better think about whether you want to grow grain or other crops because the new policy is directed at cotton growers in Xinjiang.

Cotton futures in ICE12 fell 1.8% to 62.87 cents per pound on Thursday. Cotton futures this week recorded the largest weekly decline in more than 50 years, with signs that global demand for cotton will grow less than supply.