NewsFlashChina PTA futures slump 5%, trading halted

12 November 2010 02:29  [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) 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.

Market players became cautious when the Chinese central bank announced late on Wednesday that it would raise bank reserves on 16 November, which would siphon off liquidity from markets, sources said.

By: Becky Zhang
+65 6780 4359

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