Before the Spring Festival, when the textile market was already on holiday

Before the Spring Festival, when the textile market was already on holiday, PSF futures prices rose for more than a week on the optimistic expectation that demand would recover after the optimization of epidemic prevention and policies. After the festival, however, the PSF futures market fell continuously, with the major contract declining by 600yuan/mt from 7,628yuan/mt to the lowest at 7,016yuan/mt, and spot PSF fell by about 400yuan/mt, or over 5%. The expected "good opening" was shattered by the reality of a "false start", and the estimated "improvement of demand" was replaced by the fact of a "weaker demand". This had led to the bearish sentiment among polyester yarn mills, and the pessimistic sentiment was also transmitted to the cotton market, which reduced more significantly since last week. As a result, polyester related varieties, including polyester yarn, polyester/cotton yarn, and polyester/rayon yarn, were greatly hit, and the market entered the low-point.