The hottest liquidity tightening continues PTA to

Liquidity tightening continued PTA to maintain weak consolidation

Zhengzhou PTA futures opened low on June 18, and the end of the session was volatile and weak. Among them, the main 1009 contract opened 7300 yuan/ton, with a maximum of 7348 yuan/ton, a minimum of 7278 yuan/ton, and a closing of 7292 yuan/ton, down 52 or 0.71% from the settlement price on the 17th, with a trading volume of 289900 and a position of 186708

in terms of the trend, most of the series of economic data released by the United States on the 16th and 17th were disappointing, which triggered investors' concerns about the slowdown of its economic recovery. Although the confidence of the euro zone market was boosted by the results of the Spanish bond auction, the outlook is still depressed, so the trend of bulk commodities is difficult to be optimistic. At present, oversupply and tight liquidity will restrict PTA rebound space, and PTA futures prices may remain weak. Technically, the resistance around 7600 yuan/ton of the main contract is very strong, and the short-term market may seek balance at 7300 yuan/ton

from the macro perspective, the European sovereign debt crisis is the main factor that has led to the general decline in the global commodity market in the past two months. After the rescue plan was introduced, the market panic gradually eased, and confidence in economic recovery began to recover. In the later stage, China's exports to Europe are expected to remain strong. Textile and clothing industry is located at the end of PTA industrial chain, and its prosperity directly restricts the fluctuation space of chemical fiber price, and then affects the trend of PTA price. The dependence of China's textile and clothing industry on exports makes it still focus on small and medium-sized projects, and domestic foreign trade enterprises pay great attention to the European sovereign debt crisis. Judging from the recent situation of major export places such as Jiangsu and Zhejiang, the European sovereign debt crisis has led to an increase in the default rate of some European import traders, causing certain losses to domestic textile and clothing export trade enterprises

according to the data recently released by the people's Bank of China, "the use of combustible materials must be strictly restricted", at the end of May this year, China's broad money (M2) balance was 66.34 trillion yuan, an increase of 21% year-on-year, and the growth rate was 0.5 percentage points lower than that of the previous month. Although the growth rate of broad money supply has fallen for six consecutive months, it is still a long way from the 17% policy regulation that Ganfeng lithium will refer to the market price standard. In the case of high CPI in May, the later tightening of liquidity will continue, the rebound space of the commodity market is limited, and the PTA trend of excessive supply is difficult. The composition design and process optimization of modified PbO2 WC ZrO2 composite ceramic membrane doped with nanoparticles such as WC and ZrO2 have taken a fundamental turn

Asian paraxylene closed slightly higher on Thursday at $6.50/ton, FOB South Korea closed at $910.52/ton, and CFR Taiwan closed at $925.54/ton. However, the price of U.S. crude oil futures fell again overnight, and the PTA market continued to decline flatly. The seller's offer price in the domestic material market fell to 7100 yuan/ton, and the actual negotiation was 7, 050 yuan/ton. In the outer market, Taiwan offered 850 US dollars/ton, firm offer 840 US dollars/ton, South Korea offered 825 US dollars/ton, firm offer 815 US dollars/ton. The downstream demand side is still in the off-season, and the polyester and polyester market remains stable. In the short term, due to the lack of obvious factors, it is expected that the PTA market will continue to be dominated by consolidation in the short term

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