12 November 2010 02:57 [Source: ICIS news]
PTA futures were extending their falls from Thursday after surging 20% over four days on the Zhejiang Commodity Exchange. Full-day trading was halted on Tuesday due to sharp spikes in prices in previous sessions.
Market players became cautious when the Chinese central bank announced late on Wednesday that it would raise bank reserves on 16 November to siphon off liquidity from markets.
Spot PTA prices tracked the declines in future markets, with selling indications down $50/tonne from Thursday at around $1,250-1,270/tonne CFR (cost and freight) CMP (
($1 = CNY6.62)
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections