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Home - News - Crude Oil PTA Plummeted, Polyester Staple Fiber Futures Weakened Last Week

Crude Oil PTA Plummeted, Polyester Staple Fiber Futures Weakened Last Week

August 23, 2021

On August 20, the domestic price of polyester staple fiber was 7,206 yuan, down 1.26% from last week.

Futures market: On August 20, the PF2109 contract futures price closed at 6896, down 2.02% from Monday's opening, and the settlement price was 6,890 yuan; the volume was 393,575 lots; the position was 49,910, and the basis was 310. Last week, the domestic polyester industry chain futures all fell sharply. The main PTA fell 5.77% and the main ethylene glycol fell 3.29%.

Analysis: 1. Last week, international crude oil prices fell for 5 consecutive trading days under the double pressure of a strong US dollar and economic recovery concerns. WTI New York crude oil CFD fell by 6.81%; 2. Last week, due to the sharp drop in crude oil, polyester production was reduced. The PTA trend is relatively weak due to the completed or about to complete maintenance of the set of equipment; 3. Last week, due to the plunge in energy prices, the increase in supply and the greater impact of the combined reduction of downstream polyester production, the ethylene glycol continued to fall; 4. Last week’s pure The production and sales of polyester yarns are relatively balanced, the inventory is low, and the manufacturers have a better mentality. The prices of pure polyester yarns have risen slightly; 5. Last week, due to insufficient orders for downstream weaving due to the epidemic, the international crude oil prices continued to fall, and the prices of PTA and ethylene glycol weakened downward. , Polyester staple fiber futures are all down.

Forecast: At present, the maintenance and planned maintenance of polyester staple fiber devices are gradually increasing, and the industry has entered a state of continuous loss. Coupled with the recent continuous decline in prices, the downward momentum has weakened. Short-term polyester staple fiber may rebound at any time. Pay attention to the trend of crude oil and changes in demand.