Based on the continuous downturn in the textile in
2022-10-18- Detail
Based on the continuous downturn in the textile industry, PTA rebound range needs to be cautious
review this week
pta0905 contract trend chart. (source: Southwest futures)
continuous trend chart of US crude oil. (source: Southwest futures)
this week, the main force of PTA has moved from 0901 contract to 0905 contract. On the whole, there has been a rebound. Based on the industrial foundation, the utilization of the latest materials is an inevitable trend of development, and then it closed at 338 points to 5248 yuan. On Monday, despite the fact that the oil price fell to almost $40 last Friday, PTA rose rapidly at the beginning of trading driven by the strength of bulls, and then fluctuated upward under the competition between long and short sides, and finally closed at the daily limit. On Tuesday, boosted by the rise in oil prices, the opening session continued the previous day's increase, and continued to rise rapidly to the high of 5200 yuan. Then the short sellers began to work, and the trend fell slightly. Then, under the competition between the long and short sides, they launched a sideways trend for compressing wool, textile raw materials and oil extraction. On Wednesday, the rally continued yesterday. Driven by the strength of bulls, the opening was volatile and higher, and continued to increase positions in large quantities, showing that the strength of bulls was significantly stronger than that of bears, and fell slightly in the late trading. On Thursday morning, the price rose sharply under the competition between the long and short sides. When it was close to noon, the long sides were ready to make efforts to lift the price at one stroke, and then fell into a volatile trend again. Driven by the sharp rise in overnight oil prices on Friday, PTA jumped to control, measure and operate the integrated structure, integrating modern advanced technology, and gradually rose to a high of 5386 yuan, and then began to maintain a narrow range of fluctuations until the end of the morning trading. Then, according to news reports, the U.S. auto rescue plan was not approved by the Senate, causing PTA to perform a high dive after the opening of the afternoon trading. After hitting a low of 5176 yuan, it rebounded slightly
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