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I. Fundamental information As the New York Mercantile Exchange, the London Mercantile Exchange, and the Asian PX market have been closed for Christmas, the leaders of the US Congress and the White House have temporarily come to an end on how to avoid the fiscal cliff negotiations brought about by the reduction of tax increases. It may not be resolved until the last moment, and it will focus on the key time points on the 27th. If the Diet still fails to reach a compromise, the U.S. government will automatically launch the “Automatic Reduction Mechanismâ€.
The spot price of PTA has been rising slowly, and the reeling market has been active. The price has risen slightly and the inventory of manufacturers has decreased significantly. The overall growth of the textile industry in the third quarter, the worst performance of chemical fiber, cotton spinning, silk spinning grew rapidly.
In terms of upstream costs, South Korean S-Oil issued its PX contract promotion price in January 2013, which was implemented at US$1,670/CFR, up from US$80/ton for the advocacy price in December 2012; Japan’s Jikun Nitrate’s Nishishi Energy implemented US$1,650/year. Ton, compared with the advocacy price of US$60/ton in December 2012.
Second, the spot news downstream filaments, East China Polyester offer part of the increase, the current POY150D/48F mainstream offer 11,125 yuan / ton, FDY150D/96F mainstream offer 11,650 yuan / ton, DTY150D/48F mainstream offer 12,650 yuan / ton. Production and sales of polyester filaments in Jiangsu and Zhejiang rebounded, and POY was better at 150%-200%. Slices, Jiangsu and Zhejiang slicing prices, the current half-light chip mainstream quotes in the 10600-10750 yuan / ton, there are light chip mainstream quoted at 10550-10700 yuan / ton, the main downstream rigid replenishment. Staple fiber, East China Polyester and the short-run market is running smoothly. The mainstream quoted price of Jiangsu and Zhejiang 1.4D polyester and staple markets is at 10,900 yuan/ton. The downstream demand is weak and the market is light.
On December 19th, PTA North China market was dull. The market offer price was around 8600-8650 yuan/ton, and the downstream manufacturers' bid price was around 8550 yuan/ton. The actual negotiation price was around 8,600 yuan/ton. PTA East China's domestic trade market is bleak. Holders offer prices at around 8,600 yuan/ton. Downstream manufacturers bid at around 8,500 yuan/ton. The actual negotiation price is around 8,550 yuan/ton. PTA import spot market prices rose, the market price of 1,170 US dollars / ton near Taiwan, downstream manufacturers bid price of 1155-1160 yuan / ton, the actual negotiation price of 1160-1165 US dollars / ton. South Korea's offer price is about 1160 US dollars / ton, the downstream manufacturers bid price of 1150 yuan / ton in the vicinity, the actual negotiation price of 1155 yuan / ton in the vicinity.
Third, the operation of the proposed PX cost up support for the PTA price formation, Zhengzhou PTA1305 contract opened at 8,398 yuan / ton, closing at 8,460 yuan / ton, compared with the previous day up 110 yuan / ton, or 1.32%. Volume of 1.27 million contracts, hand positions increased 56468 hands to 585.08 million. At present, although the overall arrangement is long, today's 1305 break through the 8400 yuan first-line platform, can continue to rely on the average system to hold more than one.
Operationally, PTA1305 will continue to hold more than one. The position does not exceed 60%.