Raw materials down the downstream cautious mentality is stronger, polyester filament market trading atmosphere lightened. Crude oil prices tumbled to a recent six-month low at the start of the week as a surprise rise in U.S. inflation data dampened expectations of a Federal Reserve rate cut early next year and added to concerns about oversupply. Subsequently, the weakening of the US dollar pulled up the oil price valuation, and the International Energy Agency (IEA) raised the oil demand forecast for next year, the oil market was boosted, as of December 14, the main contract of the US WTI crude oil futures settled at 71.58 US dollars/barrel, and the main contract of Brent crude oil futures settled at 76.61 yuan/barrel.

Last week, the PTA market followed crude oil first down and then up, as of December 15, the market price of 5666 yuan/ton in East China, down 1.08% from the beginning of the week. In addition, from the perspective of PTA fundamentals, there is a pattern of supply and demand reduction. Among them, Dalian Yisheng 6 million tons PTA plant, which fell in early December, is currently in normal operation, Fuhai Chuang 4.5 million tons PTA plant has a negative plan, and Hainan Yisheng second is expected to plan to put into production in the near future. At present, the operating rate of the PTA industry is near 86%, and the supply is expected to rebound.

Downstream terminal orders gradually tend to be light, the recent domestic sales of autumn and winter fabric production gradually ended, spring and summer fabric orders have been issued, but sufficient supply of goods, more factories selling inventory at low prices, weaving factory losses increased pressure, this week Jiangzhe weaving comprehensive opening probability continued to decline to less than 75%. Jiangsu and Zhejiang textile market foreign trade orders issued a small number of stages, like Vietnam clothing orders continue to increase, to bring some good to domestic fabric manufacturers, but in general, the volume of foreign trade orders is far less than the level of previous years.

Business analysts believe that short-term crude oil prices or continue to influence the trend of raw materials, but the supply and demand side of the PTA market is still weak, with the production of new equipment, the demand level is difficult to undertake, the future or face a tired pattern. The downstream market atmosphere is light, cautious to maintain just need to purchase, so the polyester filament market is likely to remain weak.

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