January 11Th Market Morning Post: PX Market Strong Trading Atmosphere, Prices Continue To Rise.
1. yesterday's market situation
Yesterday (January 10, 2019), the Asian PX market continued to rise 16.83 US dollars / ton, the price was 1038 US dollars / ton FOB Korea and 1058 US dollars / ton CFR China.
The market remains optimistic about the OPEC cut in production, and international oil prices continue to rise.
Yesterday, the PTA futures market in East China fell slightly, and the negotiating price was 6250-6300 yuan / ton.
PX has a strong trading atmosphere and prices continue to rise.
Upstream market
(1) closing of 1/10: crude oil exports in the Persian Gulf region have declined, and the market remains optimistic about the OPEC reduction. International oil prices continue to rise.
WTI52.59 rose 0.23; Brent 61.68 rose 0.24 dollars / barrel.
China's SC main force rose 1903 to 10.1 yuan to 422.3 yuan / barrel.
(2) naphtha: in January 10th, the current price of naphtha in Japan was 488 US dollars / ton, which was 11.25 US dollars / ton higher than the previous paction price. The price of naphtha in Singapore area is 51.78 US dollars / barrel, which is 1.19 US dollars higher than the previous trading day.
1. short term forecast
It is expected that due to the large difference between PX and Shek Nao oil prices, there will be difficulties in the further rise of the PX market.
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