China PTA futures extend fall, 5% slump triggers trading halt

12 November 2010 02:57  [Source: ICIS news]

SINGAPORE (ICIS)--China’s purified terephthalic acid (PTA) futures halted trading on Friday morning as prices plunged 5.01% to yuan (CNY) 10,576/tonne ($1,598/tonne) because of bearish sentiment, market sources said.

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 (China Main Port), market sources said.

($1 = CNY6.62)

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By: Becky Zhang
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