Crude oil prices have risen violently in recent days, causing a “triple jump” in the market.
On June 22, OPEC and other major oil-producing countries held a meeting in Vienna, and August delivery was announced that day U.S. WTI crude oil futures rose 5.2% to close at $68.58 per barrel.
On June 27, the United States asked all parties to stop importing Iranian oil. Oil prices jumped 3.6% to US$70.53 per barrel. It broke through the $70/barrel mark for the first time since May 25.
On June 28, crude oil once again exerted strength, with U.S. oil rising 3.16% to close at $72.76 per barrel.
The sudden mad bull price of crude oil has triggered a rise in the polyester upstream and downstream markets.
PTA: On the 27th, the main PTA futures contract 1809, which has been in a state of depression due to the boost of crude oil, surged nearly 200 points. The increase reached 3.52%;
On the 28th, PTA futures rose strongly again, with the main contract 1809 rising 120 points, or 2.11%.
Ethylene glycol: Crude oil and PTA staged a mid-year carnival, and ethylene glycol, which has been unable to find a breakthrough in the market, finally finally Riding on the rising prices.
On the 27th, ethylene glycol electronic trading closed strongly. The main contract closed up 134 yuan/ton in a single day, an increase of 1.94%. Driven by electronic trading, ethylene glycol The spot price increased by 110 yuan/ton.
On the 28th, the ethylene glycol electronic market fluctuated strongly. The main contract closed up 58 yuan/ton in a single day, an increase of 0.83%; the spot price rose 110 yuan to 7110 yuan/ton. .
The upstream raw material market is on the verge of breaking out. Polyester chips, which have been dormant for several months, have finally received warmth from the upstream market. Stimulated by the boost in costs and the explosive production and sales of polyester filament, the market production and sales of polyester chips rebounded on the 27th, and the chip prices rose slightly on the 28th. As of the 28th, the mainstream quotation for semi-gloss is around 7,670 yuan/ton; the mainstream quotation for glossy is around 8,000 yuan/ton.
In June, the polyester filament market is strong and upward, but As a sibling of polyester filament, the recent market situation of polyester chips is not as smooth as that of polyester filament. As can be seen from the above figure, since mid-May, polyester chips have been in a weak downward trend with both volume and price falling. Although the polyester market has experienced frequent positive developments since June, the price of polyester chips has been in a stalemate. As of June 28, the price of polyester chips has dropped by 400 yuan/ton compared to the price high in May.
The price of polyester chips has fallen, the cost performance is strong, and the profits of polyester chips are not optimistic. For more than a month, the loss situation of polyester chips has been difficult to change. Polyester raw materials PTA and ethylene glycol have continued to rise, but the lack of follow-up on the market of polyester chips has made it difficult for polyester chips to get out of the quagmire of losses. It is reported that the average loss of polyester chips in June was 135 yuan/ton. Compared with the profit of chips in May, the profit of polyester chips this month fell by 150 yuan/ton. This is in sharp contrast to polyester filament products, which are getting better and better.
In general, due to the sharp rise in crude oil prices, all products in the polyester market have taken this opportunity to speculate. A handful. In the polyester market, polyester filament has performed well in the off-season, so for polyester chips, if you want to seize the olive branch thrown by crude oil, you need to add a little more firepower.
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