January 22Nd Market Morning Post: PTA Futures Market Price Rises Driven Spot Prices Rose Sharply

1. yesterday's market and Forecast:

Yesterday (January 21, 2019), the PTA futures market closed up, driving spot prices rose sharply, negotiating price of 6450-6580 yuan / ton, crude oil prices continue to push up the PX price, so that PX strong support for PTA.

The lower polyester prices began to rise at the cost end, and also led to the replenishment atmosphere of the terminal. Polyester production and sales rebounded sharply, and downstream polyester stocks fell again. It is expected that in the short term, PTA prices will fluctuate in a favorable market atmosphere.

2. upstream market:

(1) crude oil: closing on January 21st: low GDP growth in China is a drag on demand, but OPEC is actively implementing the reduction in production and the decline in the number of us oil drilling.

WTI closed for the day on Martin Ruud Kim Memorial Day in the United States; Brent rose 62.74 US $0.04 / barrel.

China's SC main force rose 1903 to 11.1 yuan to 435.9 yuan / barrel.

(2) on PX:1 21, the Asian PX market closed at 1072.83 US dollars / ton FOB Korea and 1092.5 US dollars / ton CFR China, up 22.5 US dollars / ton compared with the previous trading day.