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China Securities: PTA fell in shock (05.25)

suppressed by the decline of upstream Px, on Monday, Zhengzhou PTA futures fell in shock. The main 0909 contract closed at 6808, down 64 points, with 252082 transactions and 3744 positions reduced

crude oil futures on the New York Mercantile Exchange (NYMEX) fell during the Asian electronic trading session on the 25th, due to the market expectation that OPEC oil ministers will not decide to reduce production at the meeting held on May 28, and the US dollar rose due to reports of North Korea's nuclear test. "Since the last OPEC meeting, oil prices have rebounded sharply, thus eliminating the pressure on OPEC to reduce production," analysts said At 12:34 Beijing time, NYMEX July crude oil futures fell 31 cents to US $61.36/barrel. The 22 day settlement price of the contract rose 62 cents, or 1%, to $61.67 a barrel. NYMEX exchange trading will be closed on the experimental day only after the memorial service for the dead on May 25. The UK financial market was closed on May 25 due to the spring bank holiday

Saudi Oil Minister Ali al Naimi said that Saudi Arabia currently "fully abides by" OPEC's production reduction resolution. Yonhap news agency of South Korea reported that North Korea conducted a nuclear test on the 25th. Influenced by this news, the safe haven currency US dollar was favored. At the same time, the attractiveness of commodity futures as an inflation hedging tool weakened, and the US dollar rose against the euro

on May 22, PX in Asia fell $12 to USD FOB Korea, and PX in Europe fell $15 to USD 990 FOB Rotterdam. On Friday, Asian benzene fell $4 to USD/ton FOB Korea, and European benzene fell $30 to USD/ton FOB Rotterdam. At the beginning of Monday trading, PTA and MEG markets were relatively quiet. The PTA of the medium fiber price index was at 7150, stable, and the wait-and-see atmosphere dominated

the trend of Jiangsu and Zhejiang polyester fiber is weak, the POY quotation is mostly maintained, and the center of gravity of DTY and FDY is decreased. However, most of the quotations are high, and the manufacturers should make up the decline appropriately. Jiangsu and Zhejiang polyester short-term market fell over the weekend, continued to decline this morning, and the transaction was flat. The three-dimensional hollow market in Hangzhou was weak and the weekend sales were dismal. Despite the high-profile introduction of the settlement price, Jiangsu and Zhejiang semi-finished slices are still dominated by weak market adjustment, and some enterprises with high quotations last week still have a decline in price. Today, the mainstream price is RMB/ton (cash acceptance)

the buyer in caprolactam market is cautious, the market transaction is flat, and the nylon chip market is stable. The cost is stable, the demand for nylon products is high, and the price has generally stabilized recently; The factory quotation in acrylonitrile market is stable, maintaining the level of last week. The port shipment is general, and the price is stable. At the end of the month, there was a strong wait-and-see atmosphere in the acrylic fiber market, the trading volume decreased slightly, and the price gradually returned to rationality

in the recent domestic spandex trading market, most manufacturers' quotations have maintained a high consolidation state after the increase. Haizheng group has invested nearly 1billion yuan to launch a 50000 ton/year polylactic acid industrial chain project in Taizhou Bay circular economy industrial convergence zone. However, the loading speed in the actual transaction cannot be adjusted, and the mind is gradually moving upward; In the downstream processing field, although the procurement volume of some enterprises has declined, the overall demand is still stable, and the supply of most production enterprises is still tight

pta shutdown units have resumed operation. At present, the 750000 ton units in Yisheng Dalian and 900000 ton units in BP Zhuhai have been started normally. The 1million ton/year aromatics unit in Urumqi is about to be put into production, and the 600000 ton unit in Shanghai Petrochemical will be put into operation in the third quarter. The pressure from PTA supply in the early stage has gradually subsided. The production and sales of Jiangsu and Zhejiang filaments in the downstream are in a downturn as a whole. Most factories have a production and sales rate of% and some have a low production and sales rate of only 40%. Some factories have made great efforts to promote sales. However, the focus of the market transaction price still showed signs of decline. The quotation of POY silk was lowered by about 0 yuan/ton by pressing the "start" button of the governor. The transaction data of the Canton Fair represents the export orders in the next six months. It can be seen from the year-on-year and month on month decline in orders that the export situation in the third quarter of the future is still difficult to improve. The seasonal factors of the textile industry will play a key role in the polyester industry in May and June

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