China's PTA futures surge 5.7% on positive economic sentiment

24 October 2011 12:28  [Source: ICIS news]

SINGAPORE (ICIS)--China’s purified terephthalic acid (PTA) futures traded on the Zhengzhou Commodity Exchange (ZCE) rose by 5.7% on Monday on easing concerns about the European debt crisis and the market saying China may loosen monetary policy by lowering the deposit reserve ratio by 0.5 basic points.

The most actively traded January contract closed at yuan (CNY) 8,584/tonne ($1,345/tonne, €971/tonne), up by CNY464/tonne, or 5.71%, from last Friday’s settlement price, according to ZCE data.

The rebounding futures bolstered spot-market sentiment, as most sellers withdrew offers in anticipation of higher numbers, market sources said.

Asia PTA prices rose by $40/tonne to $1,100–1,140/tonne CFR (cost & freight) CMP (China Main Port) on Monday, according to ICIS.

($1=CNY6.38, €1=CNY8.84)

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By: Judith Wang
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