China's PTA futures fall 6% on concerns over eurozone crisis

20 October 2011 12:10  [Source: ICIS news]

SINGAPORE (ICIS)--China’s purified terephthalic acid (PTA) futures traded on the Zhengzhou Commodity Exchange (ZCE) shed 6% on Thursday, as concerns about the eurozone debt crisis and the weak US economy hounded markets, industry sources said.

The most actively traded January contract closed at yuan (CNY) 7,988/tonne ($1,252/tonne), down by CNY510/tonne from Wednesday’s settlement price, according to ZCE data.

Trading was halted 11 minutes before the end of Thursday’s session as price movement hit the daily threshold of 6%.

On the spot market side, PTA sellers rushed to offload cargoes amid falling futures prices and uncertainty in macroeconomic conditions, market sources said.

Asia PTA prices fell by $60-65/tonne (€44-47/tonne) to $1,080-1,120/tonne CFR (cost & freight) CMP (China Main Port) on Thursday, according to ICIS.

($1 = CNY 6.38 / $1 = €0.73)

For more on PTA, visit ICIS chemical intelligence

By: Judith Wang
+65 6780 4359

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