The linkage of peripheral markets closed down PTA or weak shock
Zhengzhou PTA futures was shaken and consolidated on the 8th, with the main 1205 contract closing at 8390 yuan/ton, down 20 yuan. PTA suffered a weak shock yesterday, and there was a platform adjustment near 8400 points. It is necessary to gather momentum to continue to rush upward. Recently, there are many important macro events and data, so we should continue to pay attention to them. PX continued to rebound and cost support moved up. The downstream atmosphere is maintained. However, due to the lack of sustainability of phased stocking, its pulling effect on PTA should not be overestimated for the hydraulic universal testing machine series. Overnight, crude oil fell sharply, the dollar strengthened, and the stock market fell sharply. It is expected that the short-term PTA may be mainly adjusted by weak shocks
crude oil futures on the New York Mercantile Exchange (NYMEX) closed sharply lower at around $98 a barrel on the 8th, as concerns about the European sovereign debt crisis lingered. The settlement price of NYMEX January light and low sulfur crude oil futures contract closed down $2.15 to $98.34 a barrel, down 2.1%, the lowest level since November 28, and the largest decline since November 17. Ice Brent crude oil contract settlement price in January fell $1.42 to $108.11 a barrel, down 1.3%, the lowest level since November 25
as the European Central Bank announced interest rate cuts and the number of initial jobless claims in the United States fell, oil prices reached $102 a barrel earlier. However, as the two-day summit of European leaders kicked off, investors' concerns dragged down oil prices. Earlier, Draghi said that the ECB's bond purchase plan was not permanent or unlimited. This hit the expectation that the central bank will increase its efforts to buy bonds of troubled countries. Gredi, chief market strategist at confluence investment management, said, "Draghi's speech dragged down the market. Everything has two sides. If an agreement is reached at the EU summit on September 9 and the European central bank makes a statement to calm the market, oil prices may rise by two dollars."
Chinese instrument and meter enterprises are often unfamiliar with large-scale engineering processes. In the upstream, the PX price in Asia rose by 33 dollars/ton to 1432 dollars/ton FOB South Korea and 1457 dollars/ton CFR Taiwan, China/Chinese Mainland on Wednesday. Driven by the strength of the Asian PX market, the PX price in northwest Europe on Wednesday rose by 37 dollars/ton from the previous day to 1307 dollars/ton FOB Rotterdam. In terms of spot goods, the PTA market showed an adjustment trend, and the atmosphere was slightly lighter than yesterday. Individual buyers in the internal market offered at 845 to build a high-level talent team at the level of yuan/ton, and individual Korean goods in the external market offered at $1080/ton
in the downstream spot market, the trading atmosphere in Jiangsu and Zhejiang polyester market is basically maintained today, and the mainstream production and sales can still be maintained at 100-130%, with local levels varying. The center of gravity of Tongxiang polyester market rose, and the price increase was mostly 100 yuan; Taicang polyester center of gravity rose steadily. POY quotation of a local mainstream enterprise was increased by 100 yuan
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