PTA, ethylene glycol futures plate rose sharply, but polyester chip supply and demand contradictions
Today's Market Summary
On Friday, WTI July crude oil futures closed up 2.7% at $63.58 per barrel, down 2.74% on the week. Brent July crude oil futures closed up 2.04% at $66.44/barrel, down 3.30% on the week.
Recently in the macro expected to drive the general background of weakening, the commodity market as a whole into a pullback, coupled with polyester centralized maintenance, PTA supply reduction is lower than expected, macro and supply and demand are weak, coupled with the improvement of the processing range, PTA futures prices are under pressure, but the circulation of the source of less and overnight crude oil rose on the market support.
As the end of the month delivery is approaching, the spot liquidity is tight under the low inventory, the ethylene glycol market is narrowly stronger, and the spot in East China closed at 4951 yuan/ton yesterday. Although the performance of polyester side is not good, but East China main port maintain low inventory operation, and some short covering near the end of the month delivery, short-term ethylene glycol market maintain a slight rebound is expected, expected East China spot price negotiation range in 4850-5050 yuan/ton.
Today's market summary
Early PTA spot basis differential performance is strong, the morning MEG internal center of gravity low upward, spot negotiation is dominated, today's prices are stable.
The U.S. Gulf of Mexico tropical storm is forming, while the market is still bullish demand expectations for the second half of the year, international oil prices rebounded strongly last Friday; polyester chip market buying is sparse, downstream demand is showing a sluggish trend, but because of the limited cash flow of polyester chips, polyester chip market is expected to be stable today, mainly wait and see.
Polyester chips today's price
It is expected that today's semi-bright 6050 near, with light 6200 near.
ADDR：Huanchen Development Zone, Jiapu Town, Changxing County, Zhejiang Province, China.
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