China's PTA futures drop 5.7% amid Europe debt crisis

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)

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By: Judith Wang
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