The hottest southwest futures rebounded driven by

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Southwest Futures: driven by oil prices, PTA rebounded

although the market was weak due to economic weakness earlier on Friday, resulting in concerns about crude oil demand, the oil price rebounded in the late trading with a working surface finish of △ 7 due to short covering before the weekend, rising to $67.81/barrel by 2.8%. Today, oil prices continued to rise, reaching a maximum of $68.94/barrel. With the recovery of oil prices, PTA opened slightly lower today, reaching the lowest price of 4450 yuan. Driven by the buying, it rose all the way. Then the long and short sides competed fiercely to maintain a volatile pattern, and closed up to 4720 yuan by 1.16% in the afternoon. Yesterday, the third phase of the 104th Canton Fair opened, which is also the first time that China's important export products, textiles, clothing and footwear, were exhibited in Pazhou Exhibition Hall, but their popularity was significantly lower than that of the first and second phases, indicating that the textile export situation next year is not optimistic, resulting in insufficient demand for PTA, a software and hardware environment with good development of new material industry. Therefore, from the perspective of downstream industries, the support for PTA is limited. Although PTA is still in the pattern of decline, based on the recent recovery of the U.S. stock market and crude oil prices, PTA prices have been boosted and will rebound. It is suggested that investors should not continue to expand their positions at a low level, and short positions in the early stage can also be reduced appropriately

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