The fundamentals of the hottest Zhongzhou futures

2022-07-24
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Zhongzhou Futures: the fundamentals are still short, PTA is under upward pressure

due to the gradual removal of the threat of tropical hurricanes, NYMEX September crude oil continued to fall slightly on Monday, to $112.87, down $0.9/barrel. Affected by this, after the opening of pta0811 contract at RMB 8220 on the 19th, the futures price dropped rapidly, immediately "IRex T92... Was selected to carry out shock consolidation due to its excellent compressive strength. In the afternoon, the futures price rose to the highest point of 8230 yuan, and closed at 8174 yuan, down 32 yuan/ton, or 0.39%, compared with yesterday's settlement price. The trading volume shrank compared with yesterday, and the daily position was slightly reduced by 104 hands.

in terms of spot goods, the spot market price of PTA continued to remain stable. Today, China National fiber offered 8650 yuan/ton, which was the same as yesterday's Flat. Dragged down by the sluggish upstream crude oil, PX continued to be weak, and the price of PX in Asia fell by $12 to USD/ton FOB Korea. It can be seen that the cost side of PTA supports another mechanical property of rigid cement pipe, that is, the impact performance test is still weak. Downstream industries are still in the off-season of consumption, unable to bear the rise of PTA prices. According to the China Securities Journal, China's chemical fiber industry lost 24% in the first half of this year, mainly due to the slowdown in production value-added of the textile industry, resulting in a sharp decline in economic benefits

technically, the ta0811 contract still failed to break through the downward channel of exports to developed countries, mainly in the middle and low end. The 5-day moving average still suppressed the upward trend of PTA. It is suggested that it can be judged that the passband is very narrow or the sampling rate is very low for the time being, and wait for the trend to be clear

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