PTA：8月6日加工费与基差情况及行情展望

Core Viewpoint - The PTA market experienced fluctuations on August 6, influenced by multiple factors including a reduction in production by INEOS and a recovery in commodity sentiment, leading to a rapid rise in PTA futures followed by a volatile increase in prices [1] Group 1: Market Dynamics - On August 6, the PTA futures market saw a quick rise and subsequent fluctuations due to positive market sentiment and production cuts by INEOS [1] - The spot market showed a favorable trading atmosphere with a weak basis, and some polyester factories placed orders [1] - Main suppliers sold August cargoes with varying transaction discounts, with price negotiations ranging between 4650 - 4720 [1] Group 2: Production and Capacity - As of August 1, PTA operating rates decreased to 72.6%, while polyester operating rates slightly fell to around 88.1% [1] - The PTA processing fee reached approximately 130 CNY/ton, while the TA2509 futures processing fee was 274 CNY/ton [1] - The low processing fees have led to increased maintenance of PTA facilities in August, alongside production cuts by INEOS and a rebound in oil prices supporting market conditions [1] Group 3: Supply and Demand Outlook - Despite improvements in supply and demand in August, the commissioning of a new facility by Helun Petrochemical and weak terminal orders suggest a pessimistic medium-term supply-demand outlook [1] - The short-term PTA market may be affected by weak supply-demand expectations and a significant drop in overnight oil prices, although domestic commodity sentiment provides some support [1] - PTA futures are expected to fluctuate between 4600 - 4800, with strategies to hedge against high prices and low processing fees being considered [1]