Changyi: The Market Can Not See The Rebound, Low Price Yarn Flooding The Market.

　　 All cotton yarn Prices remained basically stable, individual partial consolidation, the market still can not see the rebound, the pattern of supply exceeding demand has not changed greatly, and low price yarn has flooded the market. Cotton weaving mill There are generally stock, printing. Home textile fabric Sales are slow, and scale manufacturers try their best to maintain. Some retail investors complain about hard profits. Spinning factories are hard to make profits.

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Yesterday, by the production giant's rumors of reduced production and the two major factors affecting the improvement of downstream demand, PTA futures of the Zhengzhou Mercantile Exchange rose sharply. At the close, the main contract was closed at 1501 yuan and reported 5654 yuan / ton. The volume of spanactions in the market is obvious. 1501 contracts sold 1222956 hands yesterday, holding 710882 positions.

This is the 3 consecutive trading day of PTA futures to maintain a rally, or nearly 6%. Previously, the 1501 contract declined from 7156 yuan / ton in mid August to 5316 yuan / ton in early November, or more than 25%. Industry analysts believe that this round of PTA futures rebound is related to the previous oversold market.

In addition, market expectations of PTA production giant reduction were also a major factor in boosting PTA futures yesterday.

A spot market insider told the Shanghai Daily reporter that Hengli Petrochemical started production reduction in November, the capacity utilization rate dropped to 50%, and it is expected to maintain a 50% operating rate in December. Yisheng is also expected to start production reduction in December. The utilization rate of capacity will be reduced from 90% to 50% to 60%. In addition, Xiang Lu will also have a willingness to reduce production, and its operating rate will be around 73%.

Hengli petrochemical, Yisheng and Xiang Lu are the three PTA production giants. The annual capacity of the three producers is 4 million 400 thousand tons, 13 million 600 thousand tons and 6 million 150 thousand tons, accounting for about 70% of the total capacity of the PTA market (43 million 480 thousand tons). "At present, the market is paying close attention to Yisheng's production reduction plan. Once it is expected to land, it will greatly benefit the PTA market." The above spot market people said.

From the perspective of demand, the current demand for the downstream has improved, and polyester sales have rebounded sharply, which has led to yesterday's more concentrated enthusiasm for the release of the market.

Recently, polyester processing profit continued to rise, at a relatively high historical level. China chemical fiber information network data show that from the end of October to now, the cash flow benefits of polyester products are all red. According to the raw materials, the cash flow profit of polyester chips, water bottles, POY150D, FDY150D, DTY150D and polyester staple fiber are 182, 232, 657, 207, 500, 302 yuan / ton respectively.

Xia Ting, a business analyst, told the Shanghai Daily that at present, the enthusiasm of polyester and textile factories has increased, which is higher than the same period in previous years. The stock of downstream enterprises such as filament, staple fiber and water bottle is generally low, and gradually needs to be resumed. The start-up rate is expected to continue to maintain a high level.

At the same time, crude oil stabilized and PX prices rebounded. But futures analysts believe that PTA futures have touched bottom in the 5300 yuan / ton line, and the price trend in later stage needs to see the face of crude oil. However, the reduction of production and the improvement of downstream demand will continue to support PTA more. If Yisheng and Xiang Lu's production is expected to land, PTA's real big rebound may be in December, and November will be dominated by strong shocks.