What is the impact of the rise of PTA in the futures market to a new high in 3.5 years on industrial production?

PTA is one of the important bulk organic raw materials
.
On the 6th, PTA futures rose 6%, and once rose to 7,142 yuan / ton during the session, hitting the daily limit and hitting a new high since October 2018
.
What causes the price of PTA to strengthen? What is the impact on industrial production?

PTA is the English abbreviation of purified terephthalic acid, "Shangcheng" petroleum, "Xiaqi" polyester, is an important bulk textile raw material, which can be widely used in chemical fiber, light industry, electronics, construction and other fields.
It should be said that it is closely related to the daily life of the public
.
PTA futures is a traded variety with PTA as the subject matter.
It was listed on the Zhengzhou Commodity Exchange in 2006
.
On June 6, PTA futures once rose to 7,142 yuan/ton during intraday trading, hitting the daily limit and hitting a new high since October 2018
.
As of the close on the afternoon of the 7th, PTA closed at 7366 yuan / ton, up 4.
28%
.

Dong Dandan, chief researcher of CSC Futures Energy & Chemical, said that the strength of PTA prices is mainly due to the following two reasons: "The first point is that the crude oil price, the source of energy and chemical products, has made an upward breakthrough
.
The entire overseas market is currently in a post-epidemic situation.
Compensation consumption period, so the global oil consumption is still in the rising period, which has a relatively strong support for the price of
crude oil.
As the price of crude oil rises, PTA, which is a downstream derivative, also rises
.
Second, the direct impact of PTA The price of raw material PX is also relatively strong, which has led to a significant increase in the cost of PTA, and PTA has passively followed up
.
"

What is the impact of this increase in PTA prices on industrial production? Wei Zhehai, an analyst at Yongan Futures, analyzed that this may cause certain obstacles to the resumption of production of downstream textile enterprises
.
Wei Zhehai said: "Because the textile enterprise's inventory is relatively high this year, its cash flow situation is relatively not so good
.
In this process, on the one hand, the demand may not keep up, on the other hand, in the normal process of resumption of production.
, PTA is an important raw material, and the rapid rise of raw materials may lead to a relatively large discount in confidence in the future, which will have a certain impact on the recovery of the entire downstream industry
.
"

Dong Dandan suggested that polyester enterprises and textile enterprises in the downstream of the industrial chain can use PTA futures for risk management
.
"Even in the process of rising crude oil, there will be adjustments in the middle.
If the price of crude oil is adjusted to drive PTA down, we believe that polyester companies can still use PTA futures for hedging to avoid the risk of prices rising again in the later period
.
" Dong Dandan said
.

Will PTA prices continue to rise? Wei Zhehai said that it may be difficult for crude oil prices to decline sharply in the short term.
As a downstream derivative of crude oil, PTA prices are still difficult to turn down in the short term
.
Wei Zhehai said: "In the absence of a significant shift in overseas refined oil products, a sharp drop in PTA may not be seen for the time being.
At present, with the return of domestic PX device supply, it is possible that the domestic PX factory's right to speak will return to some extent.
, there may be some easing in the price of PX in the future, but the center of the entire price may remain at a high and volatile level, at least in the next month’s cycle
.
”