On January 28, Jiangsu Sanfangxiang PET was quoted at 6,380 yuan/ton, and Zhejiang Wankai PET was quoted at 6,420 yuan/ton, both down from the previous trading day. PriceSeek's analysis of PET shows a long-short score of -1.5. The article reports that on January 28, the spot price of PET fell, with Jiangsu Sanfangxiang quoting 6,380 yuan/ton and Zhejiang Wankai quoting 6,420 yuan/ton, both lower than the previous trading day. This indicates ample market supply or weakening demand, which is bearish for spot prices. Combined with bottle chip futures data, the settlement price of the main contract, such as 2603, was 6,312 yuan/ton (down 112 yuan), and 2604 was 6,322 yuan/ton (down 110 yuan), showing that the futures market is already in a downtrend. A further decline in spot prices may reinforce bearish sentiment in the futures market, putting pressure on futures contracts to move lower, particularly affecting the liquidity of near-month contracts.
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