The hottest Luzhou futures New York crude oil appr

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LUZHENG Futures: New York crude oil is approaching $90, and pta7000 is not the bottom

New York crude oil rebounded strongly. Where is PTA going

I. brief introduction of yesterday's market

Zhengzhou PTA futures showed a weak and volatile trend yesterday. The price of 811 of the main contract hit a new low again. It opened at 7098 points in the morning, with a maximum of 7100 points and a minimum of 6952 points. It closed at 7044 points in the end of the market. 108622 transactions were made throughout the day and 812 positions were increased slightly

II. Overview of the spot market and related markets

crude oil futures rose by more than $6/barrel on Wednesday, breaking away from the recent weakness due to the sharp decline in U.S. inventories and the decline of the US dollar against the euro. The settlement price of October light sweet crude oil on the New York Mercantile Exchange rose $6.01, or 6.7%, to $97.16 a barrel. The settlement price of November Brent crude oil on the ICE Futures Exchange rose $5.61, or 6.3%, to $94.84 a barrel. The government encountered the failure of the tensile testing machine. The weekly report released by the government showed that the inventories of crude oil, gasoline and distillate oil in the United States fell one after another in the week of September 12. Analysts said that although the decline was close to or lower than expected, it showed that the market supply was tight. The national gasoline inventory was the lowest since records began in 1990

the decline of the US dollar against the euro also boosted oil prices. The euro was last reported at $1.4355 and late Tuesday at $1.4140. The weakness of the US dollar will prompt oil exporters to adjust the price of crude oil denominated in US dollars, and attract investors to turn their attention to the commodity market to hedge exchange rate risks

yesterday, the PTA spot market continued to decline, and the atmosphere of the domestic trade market in East China was still depressed. Although the mainstream negotiation was deadlocked at yuan/ton, the buyers, especially the downstream factories, had little interest, and the offer psychology had obviously dropped to yuan/ton, and was biased towards the low end

manufacturer's price form remarks

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III. future trend analysis and operation suggestions

yesterday's 811 contract price hit a new low since its listing again. It fell below 7000 points several times in the session. Although it closed above 7000 points in the end market, the overall short position atmosphere in the market is very strong. Technically, the indirect measurement method can only confirm that the total average system short positions of each friction surface wear are well arranged, and the decline trend of PTA's midline has not changed. Although the overnight crude oil futures rose sharply due to the reduction of inventories and the depreciation of the US dollar, the situation of global financial turmoil has not changed, and the liquidity of market funds will continue to shrink, which will inevitably have a great impact on the real economy in the future; At the same time, the US dollar is only a temporary correction, and the medium-term rising pattern has not changed, so we believe that the rebound of crude oil futures is only temporary

operation suggestions: driven by the strong rebound of crude oil futures, it is expected that PTA will rebound very likely, but the rebound height should not be optimistic. It is recommended to continue to hold empty orders in the middle line and be cautious in grabbing more short-term orders

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