祁玉蓉（F03100031, Z0021060），联系电话：010-8229 5006 | 铅锌日评20250611：沪铅下方支撑较强；沪锌偏弱整理 | | | | | | | --- | --- | --- | --- | --- | --- | | 2025/6/11 指标 单位 | | | 今值 | | 变动 近期趋势 | | SMM1#铅锭平均价格 | | 元/吨 | 16,625.00 | | 0.61% | | 期货主力合约收盘价 | 沪铅期现价格 | 元/吨 | 16,880.00 | | 0.69% | | 沪铅基差 元/吨 | | | -255.00 | -15.00 | | | 升贴水-上海 元/吨 | | | -25.00 | - | | | 升贴水-LME 0-3 | | 美元/吨 | -27.55 | | 0.40 | | 升贴水-LME 3-15 | 价差 | 美元/吨 | -68.10 | -0.70 | | | 沪铅近月-沪铅连一 元/吨 | | | -40.00 | | 5.00 | | 沪铅连一-沪铅连二 元/吨 铅 | | | 5.00 | 10.00 | | | 沪铅连 ...

| CHEHING | 贵金属日评20250611:美国商务部长日与中国谈判顺利,就业下降促英国央行降息升温 | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 较昨日变化 | 交易日期 | 较上周变化 | 2025-06-10 | 2025-06-09 | 2025-06-04 | 收盘价 | 774.72 | -7.36 | 775. 06 | 782. 42 | 0. 34 | | | | | 成交量 | -76.031.00 | 179960.00 | 255991.00 | 191944.00 | -11, 984. 00 | 期货活跃合约 | 持仓量 | 173184.00 | -3, 021. 00 | 170163.00 | 180310.00 | -10,147.00 | | | | 库存(十克) | 17817.00 | 17847.00 | 17247.00 | -30. 00 | 570. 00 ...

王文虎(F03087656,Z0019472),联系电话:010-82293558 投资策略 上里女只用 t ）宏观：特朗普政府不确定的关税政策引发消费试通胀反弹担忧， 强 加美 匿月捐推荐印就业人数为13. 9万高于预期担保于前值，平均时 薪年率为3. %高于预期和南值，使美联储降息 预期时点推迟至9/12月。 (2) 上游：紫金矿业旗下卡莫阿-卡库拉钢矿西侧正在排水且或于6月下旬复产但东侧排水或持续至9月（25年计划矿产吊52-58万吨），加拿大Teck Resources矿业6月2日宣布旗下智利 | | | --- | | Carnen de Ardaco11οπή 広島ε彦(出现机械)[韓國uebrada Blanca花马格岛机发生无关的阿时刻障而均需停产缩修如个月，印尼自由接麦克集三公司（Freeoort: Mdlkan) 3月 | | ? 已被准许�个身的出口27万吨相精『但将被征收更富出口税，钢陵有由旗下位于厄瓜多尔拉米拉多钢矿二期6万吨产能或于26年下半年投产，巨龙钢矿新增二期20万吨/日扩建工程 | | 或于25年底投产，ACC: Metal s旗下Gediktrepe多金属矿山的流化钢矿扩 ...

| 投资策略 | 127300123300 123000(126000)元 操电扫生产机润为负 [圧负 负，印尼LEEP 高水操一杯化产硫酸镍月度生产城本为114500 12180元 焊吨日生产补润为正 使中国硫酸泉/生产(进口)量成环比增加(减少)，则果金)月2日 | | --- | --- | | | 【适管停出口4个月并考虑实施进出口配题，使中国轴中原品加工费较上周下降自其产电解泊月度生产成本为20%700元/吨数利润为负。引导电解法师酸骷髅 氨化锌(四氧化三钻6月生产量或环化增加减额 > 增加增加，使 | | | 中国旗融资6只生产量或环比减少：中国进口部了价格震荡趋降使全球(中国)超上属比征矿出箱(到腾、库存)量较上围成少(减少，减少，中国电解二氧化铝周度含税生产成本为1.05-1.0万元吨且毛利为正，使中国电 | | | 牌厂,氧化品活酿塑型6间生产(出口)量环比减少/筒加、减少，中国超融铝印生产量或环比增加; 中国三元前驱体月度加工费环比有所下降，外采原料产三市颜亚体月度生产和减为负3:00元吨且生产利润为负，中国 | | | [三元前题]体月生产量或环比减少，中国课总话2N.C.)三元前班体6 ...

Report Industry Investment Rating - Not provided in the report Core Viewpoints - The silicon market is experiencing a situation of weak supply and demand, with high inventory pressure in the industry. There is no expectation of a price reversal, and silicon prices are expected to remain under pressure at low levels in the short term. However, considering that current silicon prices are already at an absolute low, the subsequent downward space may be relatively limited [1]. - The fundamentals of the polysilicon market are weak, with lower transaction prices. Given the high uncertainty of terminal installations and the short - term difficulty in resolving over - capacity issues, polysilicon prices are not expected to show an upward trend in the short term, and the strategy is mainly to short on rebounds [1]. Summary by Related Catalogs Industrial Silicon and Polysilicon Price Trends - Industrial silicon: The average price of non - oxygenated 553 (East China) remained flat at 8,100 yuan/ton, and the average price of 421 (East China) remained flat at 8,700 yuan/ton. The closing price of the futures main contract decreased by 0.80% to 7,415 yuan/ton. The price of N - type polysilicon material remained flat, and the closing price of the futures main contract decreased by 0.44% to 33,955 yuan/ton [1]. - Polysilicon: N - type dense material remained flat at 35.5 yuan/kg, polysilicon re - feed material remained flat at 33.5 yuan/kg, polysilicon dense material remained flat at 32 yuan/kg, and polysilicon cauliflower material remained flat at 30 yuan/kg [1]. Industry News - Dacheng New Energy's Anji Intelligent Manufacturing Base project is expected to be completed and put into operation. The project plans to build 4.8GW of high - efficiency heterojunction batteries and 7.2GW of battery component fully automatic intelligent production lines, with a total investment of 4.7 billion yuan [1]. - LONGi Green Energy expects the production cost of HPBC2.0 components to be similar to that of TOPCon by the end of 2025 and will form a production capacity of 50GW of HPBC2.0 batteries and components by the end of the year [1]. Investment Strategies Industrial Silicon - Supply side: Some silicon enterprises in the north have reduced production due to cost - price inversion. In the southwest production area, although the flood season is approaching, there is a lack of confidence in the future market, resulting in weak willingness to resume production. Overall, the start - up rate has decreased [1]. - Demand side: Polysilicon enterprises continue to reduce production, and the resumption of production may be postponed. The organic silicon industry has a strong willingness to reduce production to support prices, but demand is weak. Silicon - aluminum alloy enterprises purchase as needed, and the downstream has insufficient willingness to stock up at low levels [1]. - Overall: The silicon market has weak supply and demand, high inventory pressure, and no expectation of price reversal. Silicon prices are expected to remain under pressure at low levels in the short term, and the downward space may be limited. Continued attention should be paid to the production dynamics of silicon enterprises [1]. Polysilicon - Supply side: Silicon material enterprises continue to reduce production, and some may have new production capacity put into operation. It is expected that the output will remain within 100,000 tons [1]. - Demand side: The photovoltaic market is weak, with rising inventories of silicon wafers and silicon materials, and falling prices of silicon wafers, battery cells, and components. Market demand has slowed down, and market transactions are weak [1]. - Overall: The fundamentals are weak, and polysilicon transaction prices are lower. There is no expectation of an upward price trend in the short term, and the strategy is mainly to short on rebounds. Continued attention should be paid to changes on the supply side [1].

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The market sentiment of ethylene glycol has slightly improved, with polyester prices showing a small - scale rebound. However, the overall supply - demand situation remains complex, and short - term price adjustment is the main trend. Attention should be paid to production and sales conditions and the start - up of ethylene glycol plants [2] Summary by Related Catalogs Price Information - As of June 10, 2025, the spot middle - price of naphtha CFR Japan was $573.50/ton, up 0.99% from the previous value; the price index of ethylene in Northeast Asia was $781.00/ton, unchanged [1] - The ex - factory average price of ethylene oxide in East China was 6,300 yuan/ton, unchanged; the spot price of methanol MA was 2,320 yuan/ton, unchanged; the pit - mouth price of lignite in Inner Mongolia was 290 yuan/ton, unchanged [1] - The closing price of DCE EG's main contract was 4,269 yuan/ton, up 0.31%; the settlement price was 4,268 yuan/ton, up 0.02%; the closing price of the near - month contract was 4,257 yuan/ton, down 0.72%; the settlement price was 4,256 yuan/ton, down 0.75% [1] - The middle - price of ethylene glycol in East China was 4,380 yuan/ton, unchanged; the CCFEI price index of ethylene glycol's domestic market was 4,370 yuan/ton, up 0.11% [1] - The near - far month price difference was - 12 yuan/ton, a change of 33 yuan; the basis was 101 yuan/ton, a decrease of 8 yuan [1] - The CCFEI price index of polyester DTY was 8,850 yuan/ton, unchanged; the index of polyester POY was 7,200 yuan/ton, up 0.35%; the index of polyester staple fiber was 6,500 yuan/ton, up 0.15%; the index of bottle - grade chips was 5,900 yuan/ton, unchanged [1] Operating Conditions - As of June 10, 2025, the comprehensive ethylene glycol operating rate was 53.6%; the operating rate of petroleum - based ethylene glycol was 53.99%, up 1.34%; the operating rate of coal - based ethylene glycol was 52.69%, down 0.03% [1] - The load factor of polyester factories in the PTA industrial chain was 89.64%, down 0.23%; the load factor of Jiangsu and Zhejiang looms was 69.09%, unchanged [1] Cash Flow Situation - As of June 9, 2025, the cash flow of naphtha - based ethylene glycol was - $99.98/ton, a change of - $13.71; the cash flow of ethylene - based ethylene glycol was - $95.65/ton, unchanged [1] - As of June 10, 2025, the after - tax gross profit of MTO - made MEG was - 1,673.92 yuan/ton, a change of - 154 yuan; the after - tax gross profit of the coal - based synthesis gas method device was 647.79 yuan/ton, up 2.21 yuan [1] Other Information - A 400,000 - ton/year ethylene glycol production line in Inner Mongolia has resumed normal production and is operating at full load [2] - On June 10, the basis of ethylene glycol showed a weak trend, with short - term fluctuations. The market trading was mainly in a narrow - range adjustment [2] - The trading volume of ethylene glycol on June 10 was 45,400 lots, with a settlement price of 4,269 yuan/ton, a change of 0.00% [2] - The production and sales of polyester filament and staple fiber on June 10 were 56.78% and 75.15% respectively, with the production and sales of polyester filament falling compared to the previous day [2]

| CCFEI价格指数:涤纶DTY | 2025/6/10 | 元/吨 | 8850.00 | 8850.00 | 0.00% | | --- | --- | --- | --- | --- | --- | | CCFEI价格指数:涤纶POY | 2025/6/10 下 | 元/吨 | 7200.00 | 7175.00 | 0.35% | | CCFEI价格指数:涤纶FDY68D | 2025/6/10 | 元/吨 | 7150.00 | 7150.00 | 0.00% | | CCFEI价格指数:涤纶FDY150D | 2025/6/10 游 | 元/吨 | 7100.00 | 7100.00 | 0.00% | | CCFEI价格指数:涤纶短纤 | 2025/6/10 | 元/吨 | 6510.00 | 6500.00 | 0.15% | | CCFEI价格指数:聚酯切片 | 2025/6/10 | 元/吨 | 5850.00 | 5860.00 | -0.17% | | CCFEI价格指数:瓶级切片 | 2025/6/10 | 元/吨 | 5900.00 | 5900.00 | 0.00% | | 西 ...

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - The ethylene glycol (MEG) price is expected to fluctuate between 4,150 - 4,400 yuan/ton, and it is recommended to gradually reduce short positions [5]. - The MEG futures market declined weakly this week, mainly due to weakening demand. Although the port inventory decreased significantly after the holiday, polyester downstream production cuts led to a downward trend in the MEG market. The impact of polyester production cuts is gradually increasing, despite the low - level support from the current low operating rate [6]. 3. Summary by Directory Main Viewpoints - The MEG price is expected to range from 4,150 - 4,400 yuan/ton, and short positions should be gradually reduced [5]. - This week, the MEG futures market declined weakly. After the holiday, the port inventory decreased, but polyester downstream production cuts led to the decline. Although affected by the news of blocked US ethane exports, the price briefly rose and then fell back. Recently, there are both device overhauls and restarts, and the low operating rate provides support at the low level, but the impact of polyester production cuts is increasing [6]. - Next week's prediction: The oil price will fluctuate within a range. The supply side is expected to see an increase in the operating rate with the restart plans of Henan Yongcheng 1 - 2 and Tianjin Zhongsha. On the demand side, short - fiber has joined the production - cut queue, but the support from production cuts is limited, and the current filament inventory is at a reasonable level. The port inventory will continue to decline this month, and the mainstream trade tank inventory will remain at a low level [6]. Disk and Spot Conditions - There is no new news support after the tariff suspension [8]. - This week, the trading volume was 1.11 million lots, and the open interest was 280,700 lots (+10,800 lots) [11]. - As of June 9, the closing price of the MEG main contract was 4,256 yuan/ton, a decrease of 93 yuan/ton (-2.14%) compared to May 30. The settlement price was 4,267 yuan/ton, a decrease of 73 yuan/ton (-1.68%) compared to May 30 [13]. - For spot prices, the high - end domestic transaction price was 4,518 yuan/ton (June 3), and the low - end was 4,374 yuan/ton (June 4/6). The average basis this week was 135.60 yuan/ton, compared to 145.40 yuan/ton last week. The domestic and foreign markets of MEG remained inverted, with an overall level of 65.85 US dollars/ton [15]. MEG Device, Inventory, and Production Profit Conditions - The overall operating rate has declined in steps in the second quarter due to unexpected overhauls of Northeast devices. From June 3 - 9, it was 54.35%, compared to 55.68% from May 26 - 30 [19]. - The operating rate of petroleum - based production was 55.99%, coal - based was 51.19%, and methanol - based was 62.40% [22]. - This week, there were restarts of devices such as Far Eastern Union, Yulin Chemical, Shaanxi Coal Yulin, Yangzi BASF, and Guizhou Qianxi, and overhauls of devices such as Anhui Hongsifang, Yueneng Chemical, Yangmei Shouyang, and Satellite [24]. - Coal - based production profits have improved significantly this year, followed by oil - based production profits [32]. - As of June 5, the MEG port inventory was 550,000 tons, an increase of 35,300 tons (+17.36%) compared to the previous period. Among them, Zhangjiagang had 217,000 tons (-14,000 tons), Jiangyin had 60,000 tons (+10,000 tons), Taicang had 153,000 tons (+17,000 tons), Ningbo had 88,000 tons (+23,000 tons), and Shanghai and Changshu had 32,000 tons (-700 tons) [38]. - Due to polyester production cuts, the port提货 volume decreased significantly. From May 29 - June 4, the average daily shipment volume at the Zhangjiagang main port was around 5,800 tons, at the two main storage areas in the Taicang direction was around 4,500 tons, and in the Ningbo direction was around 3,500 tons. The inventory of the mainstream domestic trade transfer tanks was around 10,000 tons, a decrease of 7,000 tons compared to the previous period [41]. Fundamental Analysis - The oil price fluctuates within a range under macro - influence, and the cost - side support for MEG is not significant [44]. - The polyester market lacks positive driving factors, with weak production and sales. The average weekly load of polyester factories was 89.42%, and that of Jiangsu and Zhejiang looms was 69.45%. The market average prices of semi - bright POY150D/48F, DTY150D/48F, and FDY150D/96F were 7,019 yuan/ton, 8,219 yuan/ton, and 7,313 yuan/ton respectively, with changes of -0.16%, +0.35%, and +0.45% compared to last week. The average price of polyester staple fiber in the East China market was 6,495 yuan/ton, a decrease of 23 yuan/ton (-0.35%) compared to the previous period. The negotiation range of polyester bottle chips in the East China region was 5,900 - 5,980 yuan/ton, and the average price this week was 6,005 yuan/ton, a decrease of 0.84% compared to the previous reporting period [48]. - The demand has partially weakened, and the comprehensive operating rate of weaving has declined moderately. After entering June, the domestic sales market has become dull, the inventory pressure of weaving factories has increased, and the terminal customers' price - pressing procurement is common. As of June 5, the operating rates of water - jet looms in Wujiang, Changxing, Xiaoshao, Haining, and Changshu regions were 74.03% (-2.59%), 84.26% (-0.35%), 52.31% (+3.85%), 74% (-1.50%), and 45% (-1.0%) respectively [54]. - The effect of the export rush has weakened and ended, and the production and sales have been poor after the holiday. From June 2 - 6, the average weekly production and sales of polyester were estimated to be 50%. Before the Dragon Boat Festival last week, the production and sales feedback of polyester factories' end - of - month promotions was only around 140%, far lower than the same - period level. After the holiday, the previous export rush effect weakened, and the domestic trade was in the seasonal off - season, with weak restocking demand from downstream weaving and texturing factories. Polyester factories were relatively tight in terms of price concessions, resulting in light filament production and sales this week [57]. - The trading was冷清 before and after the holiday, the filament price decreased, and the inventory increased. As of June 5, the average inventory days of POY, FDY, and DTY were 16.50 days, 21.60 days, and 28.40 days respectively. The inventory days of polyester staple fiber in mainstream factories were 8.35 days, a decrease of 1.06 days compared to the previous period, and the inventory days of polyester chip factories were 11.60 days, an increase of 0.49 days compared to the previous period [58][60].

300 400 500 600 700 800 900 01 02 03 04 05 06 07 08 09 10 11 12 CBOT玉米主力合约收盘价（美分/蒲式耳） 2021 2022 2023 2024 2025 -400000 -300000 -200000 -100000 0 100000 200000 300000 400000 500000 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 33 35 37 39 41 43 45 47 49 51 53 CBOT玉米期货和期权:管理基金净多持仓（手） 2021 2022 2023 2024 2025 宏源期货有限公司 玉米：河南小麦托市收购启动 肖锋波（F3022345）（Z0012557) 目录 第一部分 行情回顾 基本面分析 第二部分 第三部分 未来展望 1 第一部分：行情回顾 2 数据来源：Wind、钢联、宏源期货研究所 • CBOT玉米价格震荡偏弱。截至6月9日，CBOT玉米主力合约收盘价为433美分/蒲式耳，周环比下跌1.2%。 管理基金净多持仓持续减少，截至6月3日，净多持仓-154043手，周 ...

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report 2.1 Weekly Summary - PX weakened this week with device restarts. Oil prices fluctuated under macro and geopolitical factors, providing unstable cost support. The restart of previously shut - down devices increased the operating rate, but the reduction in polyester demand raised concerns. Under the weak macro and commodity market, PX prices were weakly sorted [9]. - PTA prices also entered a weak operation. There were no major fundamental news. Concerns about trade frictions weakened the overall atmosphere in the bulk chemical market. The peak of PTA device maintenance passed, new PTA capacity was planned for trial operation, and the inventory reduction speed slowed down. Although PX provided some support, the reduction in downstream polyester production and load made the fundamentals weak [9]. 2.2 Market Forecast - **Crude oil**: The market is a mix of long and short factors. Oil prices are likely to fluctuate within a range. Potential risks include the repeated US tariff policies and Saudi Arabia's production increase [10]. - **PX**: Before the new round of maintenance at the end of the month, PX will maintain high - load operation, and overseas devices will also increase their loads [10]. - **PTA**: Honggang Petrochemical's 2.5 - million - ton new device has been put into operation. With few subsequent maintenance plans, PTA's operating rate will gradually increase [10]. - **Polyester**: The load of filament remained stable, but some large polyester staple fiber plants in Jiangsu reduced their loads, which had a significant impact on market sentiment [10]. - **Weaving**: The effect of rushing to export orders is weakening. Although the overall order placement in the foreign trade market is smooth, there is intense price competition [10]. - **Overall**: PX will operate weakly in the range of 6300 - 6600 yuan/ton, and PTA will operate weakly in the range of 4400 - 4700 yuan/ton. The recommended strategy is to gradually reduce short positions [10]. 3. Summary by Relevant Catalogs 3.1 Price Situation 3.1.1 PX - **PX Futures**: Without news guidance, prices moved within a range. The closing price of the PX main contract on June 6 was 6556 yuan/ton, a decrease of 232 yuan/ton (-3.42%) compared to May 29. The settlement price on June 6 was 6586 yuan/ton, a decrease of 120 yuan/ton (-1.79%) compared to May 29 [13][15]. - **PX Spot**: The market negotiation and trading atmosphere declined, and the spot market was generally dull. From May 29 to June 6, the average basis of the main contract was 106 yuan/ton. The average domestic PX spot price was 6655.75 yuan/ton, a decrease of 85.65 yuan/ton (-1.27%) compared to the previous period [16][18]. 3.1.2 PTA - **PTA Futures**: Prices fluctuated weakly and continued to decline. The closing price of the PTA main contract on June 6 was 4652 yuan/ton, a decrease of 162 yuan/ton (-3.45%) compared to May 29. The settlement price on June 6 was 4672 yuan/ton, a decrease of 80 yuan/ton (-1.70%) compared to May 29 [20][22]. - **PTA Spot**: The negotiation atmosphere was average, mainly among traders, with some polyester factories replenishing stocks. From June 2 to June 6, the average basis of the main contract was 224 yuan/ton. The weekly average CIF price of PTA in the Chinese market was 623.5 US dollars/ton, a decrease of 4.7 US dollars/ton (-0.75%) compared to the previous period. The average spot price of PTA in the East China market was 4874 yuan/ton, a decrease of 28.6 yuan/ton (-0.79%) compared to the previous period [23][25]. 3.2 Device Operation Situation 3.2.1 PX Devices - **Domestic PX Devices**: Many domestic PX devices have adjusted their loads. For example, Ningbo Daxie is operating at 60% load, and some devices of Shenghong Refining & Chemical are operating at 90% load. The overall domestic PX device operating rate has recovered to the level of the same period in 2022, and there are still maintenance plans at the end of the month. The operating rate from May 26 - 30 was 82.11%, and from June 2 - 6, it was 84.97% [28][30][34]. - **Asian Other PX Devices**: Devices in different regions have different operating conditions. Some devices are shut down for maintenance, and some are operating at reduced loads. For example, Pertamina in Indonesia has been shut down since January, and its restart time is postponed [32]. 3.2.2 PTA Devices - Some PTA devices have restarted, such as the 3 - million - ton device of Jiayuan Energy and the 2.25 - million - ton device of Yisheng Dalian. The 1.2 - million - ton device of Ningbo Taihua postponed its shutdown plan. The new 2.5 - million - ton device of Honggang Petrochemical was put into operation, and the weekly operating rate increased by 0.99% [38][39][40]. 3.3 Fundamental Analysis 3.3.1 Cost - **Crude Oil**: Geopolitical factors such as the Ukraine - Russia conflict increased the geopolitical premium. WTI crude oil's futures settlement price on June 6 was 64.58 US dollars/barrel, an increase of 3.79 US dollars/barrel compared to May 30. Brent crude oil's futures settlement price on June 6 was 66.47 US dollars/barrel, an increase of 3.69 US dollars/barrel compared to May 30 [45][47]. - **Naphtha**: The supply pressure increased due to the increase in arbitrage volume, and the demand was affected by LPG substitution and the shutdown of some downstream cracking devices. The economic viability of naphtha weakened significantly this week. The weekly average CFR price of naphtha in Japan was 567.66 US dollars/ton, and the weekly average production profit was 30.39 US dollars/ton [50][52]. - **PX Spot**: The weekly high of PX spot trading was 844 US dollars/ton, and the low was 818 US dollars/ton. The weekly average CFR price of PX in the Chinese main port was 826 US dollars/ton, a change of -1.71% compared to the previous week; the weekly average FOB price in South Korea was 802 US dollars/ton, a change of -1.86% compared to the previous week [53][55]. 3.3.2 Supply - **PX Processing Margin**: The PXN was relatively strong under the poor performance of naphtha. The weekly average PXN was 261.23 yuan/ton, a change of -5.61% compared to the previous period. The PX - MX spread increased, with a weekly average of 100.30 US dollars/ton [56][58]. - **PTA Processing Fee**: The average spot processing fee of PTA from June 3 - 6 was 408.32 yuan/ton, compared with 353.69 yuan/ton last week. As the concentrated maintenance period of PTA in the first half of the year is approaching the end, it is difficult for the processing fee to break through the current level [60][64]. - **Inventory**: As of June 6, the PTA social inventory was 4.469 million tons, a decrease of 43,000 tons compared to the previous week, with a change in the year - on - year growth rate of -0.76%. As of June 5, the average inventory days of domestic PTA manufacturers were 4.02 days, and the inventory days of polyester factories were 8.25 days [66][68][72]. 3.3.3 Demand - **Polyester Market**: The polyester market lacked positive driving factors. The average prices of some polyester products fluctuated. For example, the average price of polyester staple fiber in the East China market decreased by 0.35% compared to the previous period. The average inventory days of polyester staple fiber factories decreased by 1.06 days to 8.35 days, while the average inventory days of polyester chip factories increased by 0.49 days to 11.60 days [74][76][79]. - **Weaving Market**: The effect of rushing to export orders weakened. After the holiday, the production and sales of polyester were poor. From June 2 - 6, the average weekly production and sales of polyester were estimated to be 50%. The average weekly load of polyester factories was 89.42%, and the average weekly load of Jiangsu and Zhejiang looms was 69.45%. The comprehensive operating rate of weaving decreased moderately [80][82][90].