January 16Th Market Morning Post: Strong Cost Support, But Weak Downstream Demand PTA Price Shocks
1. yesterday's market and Forecast:
Yesterday (January 15, 2019) PTA futures market shocks rose, spot prices rose slightly, the market negotiated price of 6300-6350 yuan / ton, yesterday Yisheng Ningbo 700 thousand tons / year and 2 million 200 thousand tons / year PTA device stopped suddenly due to sudden electricity, the operating rate dropped to 80.02%, has a certain impact on the market.
Crude oil has been rebounded by the impact of tax reduction and other systems. The cost of PX is still strong support. However, the downstream polyester has entered the production reduction time, the operating rate has declined slightly, and the demand for PTA has further weakened. It is expected that the PTA price will be oscillated in the short run.
2. upstream market:
(1) crude oil: closing on January 15th: China says it will introduce economic incentives such as tax cuts. Global economic and oil demand expectations have been boosted, and international oil prices have rebounded sharply.
WTI52.11 rose 1.60; Brent 60.64 rose 1.65 dollars / barrel.
China's SC main force fell 1903 to 3.5 yuan to 416.2 yuan / barrel.
(2) on PX:1 15, the Asian PX market closed at 1054.42 US dollars / ton FOB Korea and 1074.42 US dollars / ton CFR China, up 3.42 US dollars / ton compared with the previous trading day.
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