The White House stated on the 22nd that the U.S. government will no longer grant sanctions exemptions to some countries and regions for importing Iranian oil, in order to completely ban Iranian oil exports. Affected by this news, international oil prices rose sharply after the opening of the day.
As of the close of trading on the 22nd, the price of light crude oil futures for May delivery on the New York Mercantile Exchange rose by US$1.7 to close at US$65.7 per barrel, an increase of 2.66%. London Brent crude oil futures for June delivery rose $2.07 to close at $74.04 a barrel, an increase of 2.88%.
(International oil prices rose sharply in a single day)
PTA stopped falling and fluctuated
In the last two days of last week, PTA futures began to plunge sharply, especially last Thursday (April 18). The main 1909 contract of PTA futures closed directly at the limit, with a single-day drop of more than 300 points. .
But starting this week, PTA futures stopped its decline and began to fluctuate.
This Monday (April 22), PTA futures rose 52 points, an increase of 0.87%;
This Tuesday (April 23rd), PTA futures rose 24 points, or 0.4%.
(PTA begins to pull back slightly)
The following is a brief analysis of the reasons for the PTA pullback.
First of all, the sharp decline in PTA last week was mainly affected by the rapid decline in PX prices, but the decline in PX this week has slowed down, which has played a certain supporting role for PTA.
Secondly, last week’s sharp plunge in PTA was due to financial speculation. The actual supply of PTA is still tight. When the fundamentals return, the market will naturally make some corrections.
Finally, international oil prices have begun to rise sharply, which is also an important bullish factor for PTA.
Will polyester prices rise?
Polyester filament follows the decline of PTA
Since PTA fell sharply last week, polyester filament The price also started to fall. As of Tuesday (April 23), the average price of polyester filament has dropped slightly compared with the same period last week.
Indeed, the price drop of polyester yarn is greatly affected by PTA, but on the other hand, terminal weaving is not The booming market is the main reason why polyester factories have cut prices so quickly.
The sadness of the slow peak season
March and April are the regular peak seasons for production and sales in the textile market. Generally speaking, Some spring and summer fabrics are traded and shipped at this time, and after May, the order quantity of regular products will gradually decrease, and then enter the off-season of July and August.
But this year, whether it is the rise of peripheral water-jet loom production capacity or the market being overdrawn by the prosperity of the past two years, even if from a macro perspective, the textile market has entered a recession from the business cycle So does the cycle. No matter how you explain it, in short, judging from the situation in the first half of this year, it has become an established fact that the market is not good.
Affected by this, even if the cost has not dropped significantly, and even the expenses of printing and dyeing, finishing, business management, labor, etc. are constantly increasing, the price of conventional gray fabric products is still higher than before. There was a slight decline.
Some weaving companies, forced by inventory and financial pressure, began to sell goods helplessly, which not only caused them a lot of losses, but also further suppressed the market price of conventional products.
Will polyester filament expand?
Let’s first look at production and sales. Affected by the sluggish terminal market, the production and sales of polyester filament have been at a low position since April.
Affected by the low production and sales of polyester factories, polyester inventories are slowly accumulating. .
From a profit perspective, although the price of polyester filament has begun to decline recently, due to its raw materials The price of PTA is also falling, so there is still room for profit in the short term.
Therefore, considering the inventory pressure of polyester factories and their own profits, it is unlikely that polyester filament will rise sharply in the short term, but the details will also depend on subsequent changes in PTA prices. . </p
