01 December 2011 04:13 [Source: ICIS news]
The People's Bank of China said it will cut the deposit reserve requirement ratio for banks to 21% from 21.5% from 5 December.
Buying ideas for MEG were heard at $1,055/tonne CFR (cost & freight) CMP (
Around 4,000 tonnes of deep-sea MEG cargoes for January delivery were heard concluded at $1,070/tonne CFR CMP, while 1,000 tonnes of a December-loading regional cargo was heard sold at $1,060/tonne CFR CMP. Prices rose by $15/tonne from the previous day, according to ICIS.
Selling ideas for South Korea-origin PTA were heard at $1,070/tonne CFR CMP against bids at $1,050/tonne CFR CMP, up by $10-15/tonne from Wednesday, according to ICIS.
“We think this could be a turning point for MEG and PTA prices,” a Zhejiang-based trader said.
This sentiment was echoed by several end-users. However, others said it is too early to tell, as the soft downstream polyester demand at the year-end lull season will continue to exert downward pressure on prices.
($1 = €0.74)
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