Zhengzhou TA1105 High Open Low PTA Short Pressure

　　 In December 22nd, Zhengzhou TA1105 opened up and went down below the 10000 point mark. The closing price dropped 108 points to 9932 yuan / ton, and its position decreased by 17634 to 204 thousand. Spot market atmosphere is moderate, medium fiber. PTA The internal price index rose 80 yuan to 9580 yuan / ton.

PTA upstream, today's NYMEX-2 crude oil electronic disk runs above 90 US dollars / barrel. It is expected that oil prices will remain strong in the short term. The price of MX and PX is basically stable. Overnight CFR China / Taiwan LC30-45 day PX spot price fell 8 US dollars to 1360 US dollars / ton, PTA production is about 8300 yuan / ton. At present, the PTA production profit is higher, and the downstream terminal demand has entered the off-season. In the short term, PTA spot or futures prices may feel the pressure brought by the production power. But in the medium term, due to the different progress of PX, PTA and polyester production, it is expected that the supply and demand of PTA will tighten next spring festival.

Downstream, today's Jiangsu and Zhejiang polyester market has increased slightly. Psf The index rose temporarily to 12100 yuan / ton. Investors need to remain sober about the future. In the face of the appreciation of the renminbi, the rising cost of labor and the competition among countries such as Southeast Asia, the export pressure of the domestic textile and garment industry has not declined. Moreover, in December -1, PTA seasonal demand weakened. At present, the operating rate of Jiangsu and Zhejiang looms has dropped from 78% in early October to about 62% now.

Overall, the US economy continues to recover at a low speed and the US quantitative easing is continuing. But in the face of domestic austerity expectations and low demand season, the market's high sentiment continues. In the short term, PTA is still under pressure. In the long run, PTA's support factors come from the strong cost, tight supply and demand and the inflation expectation next spring festival.

On the operation, we must keep an eye on the dynamics of the central bank. cotton Price and production device dynamics; for TA1105, early single more proper reduction, or 9800 point set stop loss; pay attention to risk prevention, do a good job in capital management.