On Monday local time, Pfizer and BioNTech announced that the mRNA COVID-19 vaccine currently undergoing phase III clinical trials showed an efficacy rate of 90% in an interim analysis and no serious adverse reactions were observed.
According to the trial data it published, after ordinary people are vaccinated, the chance of getting the new crown becomes 1/10. Therefore, once the vaccine is vaccinated on a large scale, it may be able to form a real epidemic. Herd immunity will completely defeat the new coronavirus. Therefore, after this news was announced, the market was boiling.
In terms of international oil prices, international oil prices closed sharply higher on Monday Eastern Time, with U.S. oil rising by more than 8%. As of the close, New York crude oil futures for December delivery closed up $3.15, or 8.48%, at $40.29 per barrel. Brent crude oil futures for January closed up $2.95, or 7.48%, at $42.40 per barrel.
PTA futures, as of the closing at 15:00 on November 10, the closing price of the main 2101 contract of PTA futures was 3286 points , up 48 points or 1.48% from the previous trading day.
Ethylene glycol futures, as of the closing at 15:00 on November 10, the main ethylene glycol futures contract was 2101 The closing price was 3754 points, an increase of 69 points or 1.87% from the previous trading day.
The main closing price of short fiber futures was 6005 points, an increase of 11 points from the previous trading day, an increase of 1.88 %.
Polyester prices:
Tongxiang two major polyester manufacturers The price of silk has increased by 50 yuan/ton, and the discounts have narrowed;
Some polyester yarn specifications and varieties at a major factory in Xiaoshan have been raised by 50 yuan/ton;
Sheng Some specifications and varieties of polyester filament yarns from major Zeyi manufacturers have been raised by 100 yuan/ton
…
The polyester market is under early pressure
The good news about the new crown vaccine has brought a turnaround to the long-depressed polyester market.
At this stage, with the passing of the traditional peak season of “Golden Nine and Silver Ten”, the textile market has entered the stage of stocking up for the spring and summer orders of the second year. However, affected by the outbreak of the epidemic in Europe and the news that some countries have begun to lock down their cities for the second time, traders have insufficient confidence in future market demand, and some original foreign trade orders have been cancelled.
Under such circumstances, the enthusiasm of the weaving market for purchasing raw materials has dropped significantly. The production and sales of polyester filament have continued to decline. Polyester factories have had to start to lower the price of polyester filament. Some factories have Promotional activities were even restarted in order to reduce inventory. However, due to the uncertainty of the market outlook, not many weaving companies ultimately bought in even if the promotion was launched.
This phenomenon is reflected in the prices of upstream PTA and ethylene glycol. After entering late October, the prices of PTA and ethylene glycol continued to weaken. Some of them The more important reason for the decline in crude oil is that terminal consumer confidence has been suppressed.
The market performance is cautiously optimistic
After the good news about the vaccine was released, judging from the performance of PTA, ethylene glycol and short fiber futures, although these futures all experienced considerable increases on November 10. But from a time perspective, it was more of a follow-up rally caused by the sudden positive news the night before. However, after November 10, the market even experienced a slight correction after being suppressed by fundamentals such as inventory and downstream demand. .
The same is true for polyester yarn. Even though the price of crude oil has increased sharply by 8%, the quotations of some polyester factories still only increased by about 50-100 yuan/ton today, while more Polyester factories are still taking measures such as reducing discounts.
So we can see that in the face of the benefits of vaccines, the polyester raw material market is more cautiously optimistic about this.
Boss Bu: Can canceled orders be returned?
According to US presidential candidate Biden, if all goes well, the vaccine will be launched on a large scale in March next year, which is about four months away. time, spring and summer can still catch up.
Before the release of this vaccine result, there have been several vaccine releases on the market. Domestic inactivated vaccines have even been on the market for some time, but these have not caused widespread concern in the market.�The continued rally.
For textile people, it is difficult to predict the changes in market conditions after the vaccine is released in a few months. What they are more concerned about now is the cancellation of the second lockdown. Can the order be transferred back? Will there be new foreign trade orders placed? If real orders are brought, the news of the vaccine this time may still remain in the hype stage like the past few times, and the rise in raw materials will not be sustainable, and there will be no urgent need to purchase raw materials.
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