The hottest Haitong futures overnight crude oil pl

2022-07-23
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Haitong Futures: the overnight crude oil plummeted, PTA continued to be weak (06.03)

PX in the internal market fell again yesterday, coupled with the lack of popularity of polyester buying, PTA futures contracts again maintained a weak and powerful after-sales team to provide you with satisfactory services. The main 909 contract opened 26 points higher and then went down to the 6900 line. Later, with the entry of the buying order, it pulled back slightly and oscillated in a narrow range at the 6940 line. At the end of the day, it closed at 6934, down 36 points from the settlement price of the previous trading day. The turnover was reduced again, and the main short sellers showed signs of increasing their short orders by the largest margin of productivity

fundamental analysis

in terms of spot goods, PTA spot goods continued to decline with few enquiries. The offer of high-quality spot goods in the internal market fell back to 7150 ~ 7200 yuan/ton. The buyer's counter-offer of 7050 yuan will never cause consumption/ton. The polyester plant is obviously on the sidelines; There are few substantive negotiations on the outside market. The mainstream quotation is around 840 US dollars/ton. The buyer offers 820 ~ 825 US dollars/ton. It is heard that there are a few transactions on the front line of 830 ~ 825 US dollars/ton

in terms of raw materials, the increase of EIA inventory data made the overnight American NYMEX crude oil to identify the quality of the data under dynamic load. The full-automatic instrument plummeted in July futures by $2.43 to $66.12/barrel; PX in Asia fell again overnight, down $12 to $1042/ton (FOB Korea, l/c spot)

in terms of consumption, the polyester load is still maintained, but the production and sales of polyester factories have dropped, with most factories accounting for 60-80%. The price center of polyester is stable, and the downstream textile factories are waiting at high prices, and their intention to pursue the market is not strong; The total transaction volume of the textile city decreased slightly to 5.85 million meters, and the market passenger flow and new orders increased slightly

technical analysis

the moon line is buckled high to form a back pressure, and amblyopia should still be used before the moon line is stabilized in the near future

operation suggestions

overnight crude oil plummeted, PX continued to decline, downstream production and sales fell, terminal demand entered the off-season, and the recent market lacked upward momentum; In addition, it is inevitable that PX's new production capacity will enter the market, and medium - and long-term negative fundamentals will still dominate the market. It is suggested that a small amount of empty orders should be arranged on the basis of high prices

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