Group 1: Report Overview - The report is the daily report of PTA and ethylene glycol by Goldtrust Futures Research Institute, dated October 20, 2025 [1] Group 2: PTA Market Analysis Market Conditions - On October 20, the PTA main futures contract TA2601 fell 0.90%, with a basis of -74 yuan/ton, up 11 yuan/ton from the previous trading day; the market price in East China was 4340 yuan/ton, unchanged from the previous trading day [3] Fundamentals - The cost-side crude oil fluctuated downward; the PTA capacity utilization rate was 75.98%, unchanged from the previous day, and there were many overhauls and changes in the devices under low processing fees recently; the PTA factory inventory days within the week were 4.08 days, a decrease of 0.14 days month-on-month [3] Main Force Movements - The short main force increased positions [3] Expectations - The PTA futures market followed the cost side to open low and go low. The processing fees continued to operate at a low level, resulting in many changes in the PTA device load recently. The spot basis was weakly operating, and the downstream weaving start-up rate increased slowly. It is expected that the PTA spot price will fluctuate in the short term, mainly affected by the cost side [3] Group 3: Ethylene Glycol (MEG) Market Analysis Market Conditions - On October 20, the ethylene glycol main futures contract eg2601 fell 0.84%, with a basis of 70 yuan/ton, down 23 yuan/ton from the previous trading day; the market price in East China was 4100 yuan/ton, down 2 yuan/ton from the previous trading day [4] Fundamentals - The cost-side crude oil fluctuated downward, and the coal price rose; the total inventory of MEG ports in East China within the week was 49.3 tons, an increase of 4.99 tons month-on-month [4] Main Force Movements - The short main force increased positions [4] Expectations - Since October, the ethylene glycol port inventory has continued to accumulate. The cost pressure of oil-based production has been relieved, but the firm coal and natural gas prices have squeezed the coal-based and gas-based production routes. The order performance of the weaving market is differentiated, and the demand for winter warm fabrics such as polar fleece, air layer, and De Rong is gradually picking up. It is expected that the ethylene glycol market will mainly adjust in a volatile manner in the short term [4]

Report Industry Investment Rating - Not provided Core Viewpoints - Glass futures have been declining recently, with the main contract falling more than 6% in the past week and currently in a volatile pattern of long - short game. The neutral view is the mainstream among institutions. Short - term prices may fluctuate in the range of 1050 - 1140 yuan. Short - term traders can seize short - long opportunities in the range, while long - term long opportunities need to wait for a clear breakthrough in the supply - demand pattern [3][4][5] - For the stock market, it is expected that there will be a repair market next week, and the overall long - term trend is still upward [8] - In the gold market, Shanghai gold has reached a new high, breaking through the 1000 - integer mark. Fluctuations have increased, and it is advisable to buy on dips rather than chase the rise in the short term [13] - In the iron ore market, there may be a phased decline in molten iron after the festival. Technically, attention should be paid to the important support level below. There are short - term supply disruptions, but in the long run, supply is expected to be loose [16][17] - In the egg market, the inventory of laying hens is increasing, and egg supply is sufficient, suppressing price rebounds. However, considering the current price and cost, there is a loss per hen, and short - long opportunities can be grasped [24] - In the pulp market, the pulp price in Shandong has remained stable. China's cumulative pulp imports from January to September were 2706 tons, a year - on - year increase of 5.6%. Port inventories are high, and pulp is expected to remain weak. It is recommended to short on rebounds [27] Summary by Related Catalogs Glass Futures - The decline is due to the contradiction between supply and demand. On the supply side, new production capacity is continuously put into operation, and inventory has accumulated to a high level. On the demand side, there are still expectations for the "Silver October" peak season and policy - related positive sentiments. Short - term prices may fluctuate in the 1050 - 1140 yuan range [3][4] - Technically, after continuous declines, attention should be paid to the important support level below. The future driving force lies in policy - side stimulus and anti - involution policies on the supply side [20][21] Stock Market - The A - share market closed down sharply on Friday. It is expected that there will be a repair market next week, and the long - term trend is upward [8][9] Gold Market - Shanghai gold has reached a new high, breaking through 1000. Fluctuations have increased, and short - term chasing of the rise is not advisable. Buying on dips is recommended [13] Iron Ore Market - After the festival, there is no actual improvement in the terminal, and molten iron may decline in the short term. Technically, attention should be paid to the support level below. There are short - term supply disruptions, but long - term supply is expected to be loose [16][17] Egg Market - The inventory of laying hens is increasing, and egg supply is sufficient, suppressing price rebounds. However, considering the current price and cost, there is a loss per hen, and short - long opportunities can be grasped [24] Pulp Market - The pulp price in Shandong has remained stable. China's cumulative pulp imports from January to September were 2706 tons, a year - on - year increase of 5.6%. Port inventories are high, and pulp is expected to remain weak. It is recommended to short on rebounds [27]

Report Industry Investment Rating - No relevant content provided Core Viewpoints - Long - term oil prices are under pressure and are expected to oscillate at a low level in the range of $55 - 65 per barrel. PX & PTA are expected to oscillate following costs. MEG is expected to maintain a low - level oscillation pattern in the short term. BZ & EB are expected to oscillate with costs in the short term, and styrene may perform stronger than pure benzene [4][5] Summary by Related Catalogs Crude Oil - OPEC+ will maintain the same production increase of 137,000 barrels per day in November as in October. Brent crude oil fell below $60 per barrel this week. Geopolitical factors such as the cease - fire agreement between Israel and Hamas reduced the supply interruption risk in the Red Sea and Suez Canal, causing the "risk premium" of crude oil to fade [4] PX & PTA - China's PX operating rate maintained high - load operation this week. The overall PX operation increased with the restart of several overseas units. The supply - demand outlook weakened significantly, and the downward support became weaker. PTA's inventory accumulation rate narrowed, but there is still inventory accumulation pressure in the fourth quarter. The PTA processing margin slightly recovered to around 180 yuan per ton. It is expected to oscillate following costs [4] MEG - The load of ethylene glycol changed little this week. The continuous contraction of coal - based ethylene glycol profits may inhibit the capacity release rhythm. The port inventory climbed to a new high this year, and there is an inventory accumulation expectation at the end of the year. It is expected to maintain a low - level oscillation pattern in the short term [5] BZ & EB - The domestic operating rate of pure benzene decreased this week, and the operating rates of downstream units declined. The inventory in East China ports continued to decline slightly but was still at a relatively high level. The supply of styrene decreased significantly in the short term due to concentrated device overhauls. There is a supply - demand mismatch contradiction. In the short term, they are expected to oscillate with costs, and styrene may be stronger than pure benzene [5] Polyester and Weaving - The average weekly capacity utilization rate of China's polyester industry remained unchanged at 87.8% this week. The operating rate of sample weaving enterprises in Jiangsu and Zhejiang was flat at 64.06%. The average number of terminal weaving order days increased by 0.5 days to 14.79 days. The orders in the weaving market are differentiated, and the demand for winter warm - keeping fabrics is gradually picking up [23]

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Report's Core View - The price of double - offset paper futures is expected to remain volatile and weak due to increased industry supply, lack of significant boost in downstream consumption, and an upward trend in enterprise inventory [4]. - The price of pulp futures is expected to continue to run weakly, with the previous suggestion of short - selling on rebounds remaining valid, and it should still be regarded as volatile and weak [9]. - For both pulp and double - offset paper, the reduction of long - position main players is a bearish signal [11]. 3. Summary by Related Catalogs Double - Offset Paper Futures - **Basic Situation**: The inventory of double - offset paper production enterprises is 131.5 million tons, with a month - on - month increase of 1.2%. The shutdown devices have basically resumed production, new production devices are gradually stabilizing, and downstream users mainly make replenishment orders based on rigid demand. Traders mostly maintain a just - in - time inventory rhythm, leading to an increase in enterprise inventory compared to last week [4]. Pulp Futures - **Basic Situation**: The price of pulp in Shandong is stable. From January to September, China's cumulative pulp imports were 2706 tons, a year - on - year increase of 5.6%. Domestic port inventories remain high, and the peak season in September was lackluster [9].

Group 1: Report Summary - The report is the daily journal of GOLDTRUST FUTURES CO., LTD, dated October 17, 2025 [1] - It provides analysis and trading suggestions for various futures products including coking coal, stock index futures, gold, iron ore, glass, eggs, and pulp [3][7][10] Group 2: Coking Coal Analysis - Coking coal prices rose 3.36% today due to supply - side disruptions and short - term demand support [3] - Supply - side factors include slow复产 in some areas due to safety inspections and accidents, and restrictions on Mongolian coal imports. Demand - side support comes from high pig iron production and steel mills' replenishment demand [4] - However, the fundamental contradiction of loose supply remains. Domestic coal mine production is high, Mongolian coal imports are increasing, and port inventories are high. Terminal steel consumption has concerns, and if finished product inventory problems worsen, coking coal demand will be suppressed [4] - In the short term, coking coal is expected to oscillate between 1100 - 1250 yuan/ton. Pay attention to over - production verification, Mongolian coal import recovery, and steel demand realization. There is a risk of price decline if the supply - demand situation remains loose [5] Group 3: Technical Analysis of Other Futures Stock Index Futures - The A - share market had a volatile day. The Shanghai Composite Index and the ChiNext Index closed slightly up. The market is expected to oscillate at a high level [8][9] Gold - Shanghai gold reached a new high with large fluctuations. Short - term chasing is not recommended, and low - buying is advisable [12] Iron Ore - After the holiday, the terminal situation has not improved, and pig iron production may decline. Technically, it is in a high - level wide - range oscillation, and high - selling and low - buying are recommended [15] Glass - Daily melting volume has little change, and inventory has been accumulating this week. The future driver depends on policy - side stimulus and anti - involution policies. After a continuous decline, pay attention to the right - side trading opportunity after stabilization [20][21] Eggs - The inventory of laying hens is increasing, and egg supply is sufficient, suppressing price rebounds. However, at current prices and costs, egg - chicken farming is expected to lose 16.90 yuan per chicken. Short - term long opportunities can be grasped [24] Pulp - Pulp prices in Shandong are stable. China's cumulative pulp imports from January to September were 2706 tons, a year - on - year increase of 5.6%. Domestic port inventories are high, and the pulp market is expected to be weak. Rebound - selling is recommended [28]

Report Overview - Report Name: Jinxin Futures PTA Ethylene Glycol Daily - Date: October 16, 2025 - Reported Companies: PTA, MEG PTA Analysis Market Data - On October 16, the basis of the main contract TA2601 was -106 yuan/ton, a decrease of -21 yuan/ton from the previous day. The market price in East China was 4360 yuan/ton, an increase of 35 yuan/ton from the previous day [2]. Fundamental Analysis - The cost - end crude oil stabilized after continuous decline. Driven by the petrochemical sector, the main PTA futures contract rose 1.00% today. The PTA capacity utilization rate was 76.46%, unchanged from the previous day. There were many overhauls and changes in the equipment under low processing fees recently. The inventory days of PTA factories within the week were 4.22 days, a month - on - month increase of 0.47 days [3]. Main Force and Trend - There were differences among long and short main forces. The PTA futures market followed the cost - end with a gap - down and low - running trend. The restart and load - reduction of PTA's own equipment were concurrent, and the commissioning of new production capacity was delayed, currently having limited impact on the market. The spot basis was running weakly. It is expected that the PTA spot price will fluctuate mainly affected by the cost - end in the short term [3]. MEG Analysis Market Data - On October 16, the basis of the main contract eg2601 was 9 yuan/ton, a decrease of 62 yuan/ton from the previous day. The market price in East China was 4098 yuan/ton, a decrease of 30 yuan/ton from the previous day [4]. Fundamental Analysis - The cost - end crude oil stabilized after continuous decline, and the coal price rose. Today, the main MEG futures contract rose 1.01%. The total inventory of MEG ports in East China within the week was 445,100 tons, a month - on - month increase of 40,800 tons [4]. Main Force and Expectation - The short main force reduced positions. It is expected that the supply - demand pattern of ethylene glycol will shift to inventory accumulation starting from October, and there is continuous pressure for inventory accumulation in the far - month. The market sentiment is under obvious pressure. Terminal foreign trade orders are still few, and the profit margin of the domestic market continues to narrow, and the industry as a whole is under pressure. It is expected that the ethylene glycol market will be weak in the short term, and the sustainability of the rise is doubtful [4].

Report Industry Investment Rating - No relevant content provided Core Viewpoints - The short - term high - level shock of coking coal 2601 is due to the superposition of supply - side disturbances and short - term demand support, but the subsequent upward space is limited, and there is a risk of price decline if the supply - demand pattern remains loose. For other varieties, different trading strategies are proposed according to their respective fundamentals and technical aspects [3][4][5] Summary by Related Catalogs Coking Coal 2601 - The phased rise of coking coal 2601 is due to supply - side disturbances (safety inspections, slow resumption of production, and restrictions on Mongolian coal imports) and short - term demand support (high pig iron production and steel mill replenishment demand). However, the core contradiction of loose fundamentals remains unchanged, with high domestic coal production, increasing Mongolian coal imports, and sufficient delivery resources. Terminal steel consumption has concerns, and if the finished product inventory problem intensifies, it will suppress coking coal demand. It is expected to oscillate between 1100 - 1250 yuan/ton in the short term, and attention should be paid to relevant factors such as over - production verification [3][4][5] Stock Index Futures - The market news is generally positive, and the subsequent market is expected to be mainly in high - level shock [8] Gold - Shanghai gold has reached a new high with increased volatility. It is not advisable to chase long positions in the short term, and it is recommended to buy on dips [13] Iron Ore - After the holiday, the terminal situation has not improved, and pig iron production may decline. Technically, it is in a high - level wide - range shock interval, and high - selling and low - buying operations are recommended. In the long term, supply is expected to be loose with the commissioning of the Simandou project [16][17] Glass - There is a supply - side clearance. Technically, it has declined continuously recently, and attention should be paid to the right - side trading opportunities after stabilization. The future driving force lies in policy - end stimulus policies [20][21] Eggs - The inventory of laying hens is increasing, and the supply of eggs is sufficient, suppressing the price rebound. However, based on current prices and costs, egg - chicken farming is expected to lose 16.90 yuan per chicken, and short - term long opportunities can be grasped [23] Pulp - The pulp price in Shandong is stable. China's cumulative pulp imports from January to September were 2706 tons, a year - on - year increase of 5.6%, and domestic port inventories remain high. The "Golden September" peak season was not prosperous, and pulp is expected to run weakly. Rebound shorting is recommended [27]

Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - PTA: The PTA futures price is expected to fluctuate in the short - term, mainly influenced by the cost side. The spot basis is running weakly, and although there are changes in PTA devices and delays in new capacity production, their current impact on the market is limited [3]. - MEG: The ethylene glycol market is expected to be weak in the short - term. Starting from October, the supply - demand pattern is expected to turn to inventory accumulation, and the market sentiment is under significant pressure [4]. 3. Summary by Relevant Content PTA - **Market Conditions**: On October 15, the basis of the main contract TA2601 was - 85 yuan/ton, a decrease of - 10 yuan/ton from the previous day. The market price in East China was 4325 yuan/ton, a decrease of - 28 yuan/ton from the previous day [3]. - **Fundamentals**: The crude oil price on the cost side continued to decline, and the PTA futures fluctuated and declined following the cost side. The PTA capacity utilization rate was 76.46%, unchanged from the previous day. There were many device overhauls and changes under the recent low processing fees. The PTA factory inventory days within the week were 4.22 days, a month - on - month increase of 0.47 days [3]. - **Main Force Movements**: The long - position main force increased positions [3]. - **Trend**: The PTA futures followed the cost side with a gap - down and low - running pattern. The restart and load - reduction of PTA devices were concurrent, and the new capacity production was delayed, currently having limited impact on the market [3]. MEG - **Market Conditions**: On October 15, the basis of the main contract eg2601 was 71 yuan/ton, a decrease from the previous day. The market price in East China was 4128 yuan/ton, a decrease of 22 yuan/ton from the previous day [4]. - **Fundamentals**: The crude oil price on the cost side continued to decline, and the coal price stabilized. The MEG futures fluctuated and declined following the cost side. The total inventory of MEG ports in East China within the week was 44.51 tons, a month - on - month increase of 4.08 tons [4]. - **Main Force Movements**: The short - position main force increased positions [4]. - **Expectation**: Starting from October, the supply - demand pattern of ethylene glycol is expected to turn to inventory accumulation, with continuous inventory - accumulation pressure in the far - month. The terminal foreign trade orders are still few, the profit margin in the domestic market continues to narrow, and the industry is under overall pressure. Affected by the high - temperature weather in many southern regions, the demand for autumn and winter clothing is not released as expected [4].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core View of the Report - The subsequent trend of the Shanghai Silver 2512 contract will present a pattern of "short - term oscillation with long - term support." There are opportunities to go long on dips during the callback [3]. - The A - share market is expected to be in a high - level oscillation. For Shanghai Gold, it's advisable to buy on dips instead of chasing short - term highs. For iron ore, high - selling and low - buying operations are recommended. For glass, pay attention to the right - side trading opportunities after stabilization. For eggs, there are short - term long - taking opportunities. For pulp, it's recommended to consider shorting on rebounds [8][13][16][26]. 3. Summary by Relevant Catalogs Hot Focus: Shanghai Silver 2512 - The contract's price rise was due to the Fed's interest - rate cut expectation, the reverse market structure caused by spot shortages, and the safe - haven premium from geopolitical conflicts. The price pullback was because of profit - taking near the $53 mark and the weakening of safe - haven demand due to the cease - fire agreement [3]. - Long - term support is solid as green industries like photovoltaics drive industrial demand to increase by 20% annually, and the structural supply - demand gap may last until 2026. The continuation of the Fed's easing cycle and the low gold - silver ratio still attract institutional capital allocation [3][4]. - Key data to track include the Fed's October interest - rate meeting, London silver inventory, and industrial demand data. Consider going long on dips [3][5]. Technical Analysis: Stock Index Futures - The A - share market opened higher and closed lower today. The Shanghai Composite Index found support at 3850 points near the close. The market is expected to oscillate at a high level [8]. Technical Analysis: Shanghai Gold - Shanghai Gold reached a new high with large intraday fluctuations. It's not advisable to chase long positions in the short term. Instead, consider buying on dips [13]. Technical Analysis: Iron Ore - In the short term, the supply side is affected by long - term agreement negotiations and accidents. In the long run, supply is expected to be loose with the commissioning of the Simandou project. On the demand side, there has been no actual improvement at the terminal after the holiday, and molten iron production may decline periodically. Technically, it's in a high - level wide - range oscillation, so high - selling and low - buying operations are recommended [16][17]. Technical Analysis: Glass - Daily melting volume has changed little, and inventory has accumulated during the holiday. The main future drivers are policy - side stimulus and anti - involution policies, as well as supply - side clearance. Technically, after continuous declines, pay attention to the right - side trading opportunities after stabilization [20][21]. Technical Analysis: Eggs - The inventory of laying hens continues to increase, and egg supply is sufficient, which restricts price rebounds. However, based on current prices and costs, future egg - chicken farming is expected to incur a loss of $16.90 per chicken. There are short - term long - taking opportunities [23]. Technical Analysis: Pulp - The pulp price in Shandong has declined today. China's cumulative pulp imports from January to September were 2706 tons, a year - on - year increase of 5.6%. Domestic port inventory remains high, and the "Golden September" peak season was lackluster. Pulp is expected to remain weak, and it's recommended to short on rebounds [26].

Report Summary 1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - For PTA, the cost - end crude oil price is continuously falling. The PTA futures follow the cost - end to fluctuate and decline. The PTA spot price is expected to fluctuate mainly affected by the cost - end in the short term [3]. - For MEG, starting from October, the supply - demand pattern is expected to shift to inventory accumulation, with continuous inventory - building pressure in the far - month. The market is under obvious pressure, and the short - term MEG market is expected to be weak [4]. 3. Summary by Related Contents PTA - **Main Contract**: On October 14, the basis of the main contract TA2601 was - 75 yuan/ton, down - 4 yuan/ton from the previous day. The market price in East China was 4400 yuan/ton, down - 40 yuan/ton from the previous day [3]. - **Fundamentals**: The cost - end crude oil price is continuously falling. The PTA capacity utilization rate is 76.46%, up 1.57% from the previous day. There are many overhauls and changes of devices under low processing fees recently. The PTA factory inventory days in the week are 4.22 days, a month - on - month increase of 0.47 days [3]. - **Main Force Movements**: The short - side main force increased positions [3]. - **Trend**: The PTA futures market opened low and moved low following the cost - end. The restart and load - reduction of PTA's own devices are concurrent, and the new production capacity is put into operation with a delay, currently having limited impact on the market. The spot basis is running weakly [3]. MEG - **Main Contract**: On October 14, the basis of the main contract eg2601 was 81 yuan/ton, up 14 yuan/ton from the previous day. The market price in East China was 4142 yuan/ton, down 36 yuan/ton from the previous day [4]. - **Fundamentals**: The cost - end crude oil price is continuously falling, and the coal price is stable. The MEG futures follow the cost - end to fluctuate and decline. The total MEG port inventory in East China is 44.51 tons, a month - on - month increase of 4.08 tons [4]. - **Main Force Movements**: The short - side main force reduced positions [4]. - **Expectation**: Starting from October, the supply - demand pattern of ethylene glycol is expected to shift to inventory accumulation, with continuous inventory - building pressure in the far - month. The market sentiment is under obvious pressure. Terminal foreign trade orders are still few, the profit margin of the domestic market is continuously narrowing, and the industry is under overall pressure [4].