The Status Quo Of PTA Futures Behind High Positions

Under the empty pattern, will the bottom of PTA long bottom be enough? Can the fundamentals of the current industrial chain support the confidence of bulls? With market doubt, the futures Daily reporter recently came to Zhejiang's main production and marketing area of Jiaxing with the research group organized by Zheng Shang, and Jiaxing petrochemical company.

New Feng Ming and other enterprises have conducted field visits to explore the story behind PTA's high position.

The "heat wave" in the PTA market can be seen one after another.

Last year, the PTA industry chain began to decline from the big game of "limited production and price protection". At the beginning of the new year in 2015, the high position of PTA futures attracted the attention of market participants again.

After January 14th, the total position of all futures contracts for PTA futures reached the highest level of 1 million 791 thousand hands, a 66% increase from 1 million 78 thousand at the end of last year.

On the 14 day, the price of PTA main contract reached a record low of 4480 yuan / ton in the 1505 price, and the post market position reached a 1 million 495 thousand hand high, which was equivalent to 3 million 740 thousand tons per spot, which is about 1.5 months' output of all PTA enterprises in China. It can be operated by all domestic polyester enterprises at 80% operating rate for more than 1 months.

The sharp increase in futures positions began at the first trading day after the new year's Day holiday. On that day, PTA futures increased more than 8 hands, and the two trading day was 143 thousand and 243 thousand hands.

Such a huge position and a single day increase in volume, immediately attracted many.

Eyes.

Looking back at the historical trend of PTA futures, futures Daily reporters found that the phenomenon of short term large increase in warehouse position was not the first time, and it happened two times in 2014.

The first time since January 29th of that year, the total position of PTA futures has increased from 509 thousand to 1 million 38 thousand in February 27th.

The second time was from September 30th of that year, and the total position increased from 673 thousand to 1 million 113 thousand in October 14th.

The common point of PTA futures's large increase in positions is that the futures prices have fallen sharply during the period of the increase.

After yesterday's trading, the position of PTA futures remained at a high level of nearly 1 million 600 thousand hands.

The top 5 seats in the top two seats accounted for 47.4% of the top 20, with a high degree of concentration. The top 5 seats in the empty main seat accounted for 41.9% of the top 20 seats, which was slightly more dispersed compared with the bulls.

At present, the two sides are locked in a stalemate.