China PTA futures prices spike 4% on bullish sentiment

04 November 2010 04:05  [Source: ICIS news]

SINGAPORE (ICIS)--China's purified terephthalic acid (PTA) futures halted trading after prices surged 4.02% to yuan (CNY) 9,626/tonne Thursday morning on the Zhengzhou Commodity Exchange, market sources said.

Bullish sentiment spurred by positive US financial data overnight and recent outages at regional plants caused PTA futures prices to breach the 4% cap set on daily swings in values just in the first two hours of trade, they said.

In the spot market, domestic PTA prices in China jumped CNY150-200/tonne ($22.5-29.9/tonne) from Wednesday to CNY8,950-9,000/tonne ex-warehouse on strong buying from a number of Zhejiang-based polyester makers, market sources said.

($1 = CNY6.68)

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By: Becky Zhang
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