PTA：宏观氛围带动下 PTA短期震荡偏强

Supply and Demand - As of July 24, PTA operating rates remain stable at 79.7% [3] - Polyester operating rates slightly decreased to approximately 88.7% (+0.4%) [3] - The operating rates for texturing, weaving, and dyeing are 67% (+5%), 59% (+1%), and 65% (-2%) respectively [3] - There is a mixed order situation in the weaving sector, with some knitting enterprises experiencing a slight improvement in order atmosphere, while woven fabric overall remains weak [3] - Some factories are increasing production to stock up for the autumn and winter domestic sales, with inventory levels ranging from 10-15 days to as high as 1.5-2 months for some [3] Price and Profitability - As of July 24, PTA spot processing fees are around 202 yuan/ton, while the TA2509 futures processing fee is 294 yuan/ton [2] - The main spot price range for July transactions is between 4775-4870 yuan, with some transactions slightly lower [1] Market Outlook - PTA operating rates are maintained around 80%, but with low processing fees, there will be an increase in PTA facility maintenance in August [4] - Domestic macroeconomic sentiment is driving a slight replenishment at the terminal level, alleviating inventory pressure for polyester factories [4] - The short-term outlook for PTA is expected to be strong due to favorable supply and demand conditions and positive sentiment in the domestic commodity market [4] - Strategies include monitoring resistance levels at 4900-5000 for TA and considering rolling hedging operations for TA9-1 [4]