Huatai Futures: PTA Daily (6.01)

1, crude oil in the short term has its own favorable factors, but the middle line is also bad. Speculative capital has begun to withdraw from the crude oil market, and the crude oil rebound has been highly limited.

The overhaul of the PX plant has come to an end, and the device will be restarted gradually.

The JX PX device in Japan is only 600 thousand tons, with little impact.

2, PTA enterprises are now producing high load, and the supply and demand of the market are basically balanced.

When the month starts, it will return to the state of oversupply.

The PTA outflow is slow, and the September contract is still rising. If it continues, the pressure on the 1509 contract will be enormous.

3.

In June, it began to enter the low consumption season. The weaving load had dropped from the high level, and the stock began to increase obviously.

Polyester enterprises to reduce the negative overhaul plan increase, will reduce the demand for PTA, will be a drag on the PTA price.

4, from the PTA1509 daily chart, the early double headed configuration is currently in the 5000-5200 consolidation area, returning to the short-term downward trend line, short term partial shocks, and the middle line is still weak.

PTA index weekly chart, in the early double bottom neck line consolidation, weak shocks.

June Outlook:

The Fed's interest rate hike and Greece's problems will increase the risk aversion of the market and adversely affect the rebound of crude oil.

PX overhaul restart more, and the cost of PTA formation is dragged down.

Downstream polyester enterprises profit is not good, inventory is in the year high, off-season production and marketing is difficult to continue to improve, it is expected that the production load will be significantly reduced, while PTA enterprises have no maintenance plan, and have capacity restart, later PTA back to oversupply state, is expected to price downward.

Related links:

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