26 September 2011 11:37 [Source: ICIS news]
SINGAPORE (ICIS)--Purified terephthalic acid (PTA) futures on China’s Zhengzhou Commodity Exchange (ZCE) slid by 5.73% on Monday amid growing worries on the struggle in Europe to contain the region’s debt crisis.
Concerns over the potential effect from Greece's possible default and a US economic slowdown weighed on the global stocks and futures market.
The most actively traded January contract dropped below the psychological line of yuan (CNY) 9,000/tonne ($1,408/tonne) and closed at CNY8,660/tonne, 5.73% or CNY526/tonne lower than last Friday’s settlement price, according to ZCE.
Market players retreated to the sidelines amid the sharp fall, market sources said.
Asia PTA prices dropped by $15-30/tonne (€11-22/tonne) to $1,220-1,260/tonne CFR (cost & freight) CMP (China Main Port) on Monday amid sparse transactions and bearish market sentiment, according to ICIS pricing.
($1 = CNY6.39, $1 = €0.74)
For more on purified terephthalic acid, visit ICIS chemical intelligence
Please visit the complete ICIS plants and projects database
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|