The United States held a customs hearing on China, which triggered a wave of opposition to the increase of tariffs. However, the possibility of an agreement between the two countries is getting lower and lower, because the United States has not released any goodwill, but continued Pressure is powerful. US Secretary of Commerce Ross said nakedly, don't expect the G-20 summit to have a breakthrough in the US-China trade issue. The US and China have other issues that need to be discussed, such as the North Korean issue and the Hong Kong issue. Today's A-shares are not shocked. The two cities have only traded 330 billion yuan, a new low since February 12 this year. The market has a strong wait-and-see attitude.
Commodity futures trended differently, black tailed higher, iron ore soared more than 2%, chemical products rose and fell, crude oil fell more than 3%, PTA rose more than 2%, ranking the top three for two consecutive days EG rose more than 1%. The international crude oil market is in a state of increasing uncertainty. On the one hand, the Sino-US trade struggle, the damage to the global economy may increase, and the demand for crude oil is overcast. On the other hand, OPEC+ is unable to finalize the next meeting. The uncertainty in crude oil supply has climbed. During the trading hours of this Asian city, the international oil price was two consecutive yin. As of 18:00, the US oil fell by about 0.5% to the $51.9/barrel line, and the oil fell by about 0.6% to $59.65/barrel. The focus of the Asian PX is mainly shocked today. In August, the cargo delivery volume was 829vs800 USD/ton. At present, although the PX-naphtha processing difference is weak again, the pressure on supply reduction is not large, and the overall PX still has new pressure. The Urumqi Petrochemical PX unit was restarted yesterday, involving a total of PX 10.65 million tons per year. The unit began routine maintenance in mid-April. In addition, the domestic import volume of PX in May was 1.275 million tons, which was 139,000 tons less than that in April.
In the overall downturn of the external market, PTA futures became the star-leading variety of the commodity market in the past two days. The main 1909 contract, following the rise of 1.8% yesterday, stood on the 10-day moving average, and today continued to make persistent efforts. The volume rose 2.46% to close at 5,416, breaking through. The 20-day moving average was heavy, and the daily increase in the number of positions was 109,000 to 1.71 million, with a turnover of 2.52 million. The strong performance made the market look awkward. The spot basis is firm, traders and polyester factories have purchases, and the spot supply is sold near the 1909 contract premium 300-320. The trading range is around 5625-5730. In the unfavorable situation that the macro side is weak and the cost end is weak, the PTA futures are moving against the market and have risen through the 10th and 20th moving averages. What are the reasons? The spot liquidity is controllable, and the recent PTA installations are frequently accidental. In the later period, Hengli and Fuhaichuang equipment have clear maintenance plans, and the upstream polyester load is superimposed. The PTA accumulation is expected to shift to balance, supply and demand is better, or the market is upward. One of the driving forces, but the difference in the processing of the disk has reached 1200, the terminal market is difficult to be optimistic, and the market is facing a series of major risk events in the second half of June, tough and high, or will test the mentality of all parties in the market .
Following the rise of PTA, the performance of MEG futures is slightly stronger than before. The main contract of 1909 rose by 1.01% to 4417, breaking through the 10-day moving average and the volume was enlarged to 576,000 hands. However, overall, it was subject to its weak fundamentals and the disk was suppressed. Obviously, it is still difficult to get out of the bottom shock zone of 4300-4500. The spot was in a narrow range, with the mainstream talking about 4320-4330 and the next few orders at 4325. It was reported to be 4362 in July and 4402 in August. Customs data show that in May 2019, MEG imports were at a level of 868,000 tons. A major foreign supplier announced that the MEG contract advocacy price in July 2019 was US$680/ton, down US$20/ton from last month.
Today's PTA intraday price rose 45 to 5675, MEG internal price rose 35 to 4325, polyester raw material costs rose 50 to 6301.
Although the performance of polyester raw materials is relatively strong today, the reaction in the polyester market is not obvious, and the overall production and sales are falling. The average estimate of polyester filaments in Jiangsu and Zhejiang is around 7-8 percent around 3 pm. At present, the contradictions between the upstream and the downstream are becoming more prominent, the risk events are intensive, the demand prospects of the terminal are very uncertain, and there are still many variables in the market.
Changzhou Lingda Chemical Co., Ltd. main production and management: polypropylene BCF yarn, Polypropylene oil, SORONA, adhesive additives, silicone oil series, Carpet adhesive, polypropylene filament oil, polypropylene BCF yarn, polyester filament oil, polypropylene BCF plying stereotypes yarn, Polypropylene carpet silk, polypropylene BCF yarn.
