Newsletter summary
PTA futures TA2409 rose slightly by 0.Yulgangcrypto.17%, the market is expected to reduce the supply of PTA in May, cost support is expected to continue to rise; international oil prices shock, New York and Brent crude oil futures rose 0.92% and 1.12% respectively.
Text of news flash
[PTA futures prices rose slightly, market expected supply decreased] PTA main futures TA2409 closed at 5936 yuan / ton on the 26th, the settlement price was 5916 yuan / ton, compared with the previous trading day, the price climbed 10 yuan / ton, an increase of 0.17%. PTA supply is widely expected to decline in May, coupled with strong fluctuations in international crude oil prices, providing support for PTA costs. Industry insiders expect that PTA prices are expected to continue to maintain a slight upward trend.
As US economic growth figures fall short of expectations, and Israel may take military action against RafahYulgangcryptoThe geopolitical risk has intensified, and the crude oil market has experienced two weeks of wild swings. Traders began to unwind their short positions, and crude oil futures in Europe and the United States finally closed higher after plummeting. On April 25, the settlement price of West Texas light crude oil for June 2024 on the New York Mercantile Exchange was 83.57 US dollars, up 0.76 U.S. dollars, or 0.92 percent, over the previous trading day; and the London Intercontinental Exchange Brent crude 2024 futures settlement price was 89.01 U.S. dollars per barrel, up 0.99 U.S. dollars, or 1.12 percent.
PX China market prices are estimated at 1039-1041 US dollars / ton, up 5 US dollars / tonne from the previous trading day; PXFOB Korean market prices are estimated at 1019-1021 US dollars / tonne, also up 5 US dollars / tonne. The small rise in international oil prices has increased the cost momentum of PX, while the domestic PX plant maintenance restart is also expected to have a positive impact on the market. Although there will be a number of PTA devices parking in early May, but in the depot pattern, buying is active, driving up the PX market.
The number of PTA futures warehouse receipts on the Zhengzhou Commodity Exchange decreased to 80746, down 5078 from the previous trading day, with an effective forecast of 4110.