Lack Of Strong Support &Nbsp; PTA Rebound Space Will Be Limited.

Zhengzhou PTA futures rebounded on the 13 day. The main 1109 contract closed at 9506 yuan / ton, up 110 yuan / ton. After the central bank raised its reserves, market policy worries eased, coupled with the expected increase in downstream purchases, supporting PTA rebound.

PTA spot manufacturers have been squeezed out of high profits and can only keep their capital at present, but the profits from upstream PX are still affordable, and cost support can not be reflected. PTA While its upstream and downstream support is weakening, it is difficult to stabilize it. Crude oil rose slightly last Friday, and US cotton rose and mixed. It is expected that the PTA rebound will be relatively limited.

The New York Mercantile Exchange (NYMEX) crude oil futures closed slightly higher on the 13 day, approaching $100 a barrel. The sharp fluctuations in the US dollar and the euro caused the oil market to oscillate all day. NYMEX June light crude oil futures clearing price rose 68 cents, to $99.65 a barrel, or 0.7%. ICE Beihai crude oil futures in June closed up 85 cents, or 0.8%, at $113.83 a barrel in June.

Intercontinental Exchange (ICE) cotton futures closed on the 13 day, mixed. Stage cotton The market tried to stabilise after second weeks of commodity decline. On the 12 day, the closing price of Asian PX was 1504.50-1505.50 yuan / ton (FOB Korea); 1524.50-1525.50 dollar / ton (CFR Taiwan), the price fell by 41 US dollars compared with the previous day.

On the spot side, the atmosphere in the East China spot market has not changed. The number of enquiries is not large, the offer is scarce, and the odd offer is still around 9550-9600 yuan / ton. The negotiation is at 9500-9550 yuan / ton level, but there is not much deal in the firm market. External market There was little improvement in the atmosphere, but the offer was still scarce. Some traders were involved in the delivery. The offer for Taiwan's products was near $1225-1230 / ton, and the negotiations were at $1210-1215 / ton, and the buyers were on the low side. The negotiations on Korean products were at the level of 1200-1205 US dollars / ton.

China's trade balance in April reached US $11 billion 420 million, far exceeding the market forecast, because exports were strong in April while imports fell sharply. Although the trade structure has improved, it is expected that the overall surplus will not change throughout the year, while the RMB may accelerate Appreciation under the pressure of higher surplus, which will cause the downstream textile enterprises to face more difficult external environment. It is expected that the polyester market will be difficult to get rid of the weak running situation in the face of sales pressure and lack of cost support.