终端负反馈持续 短期短纤或跟随成本震荡运行

Core Viewpoint - The short fiber futures market is experiencing a decline in prices, with the main contract closing at 6338.00 yuan/ton, down 1.18% [1] Market Summary - As of August 13, the number of short fiber futures warehouse receipts remained stable at 5753 contracts compared to the previous trading day [2] - The PF spot market prices are stable, with trading focus maintaining a similar level. The basis quotes range from 09-30 to 09+170, with specific sources quoting prices such as Zhonglei at 09+170 and Yida at 09+140 [2] - As of August 7, the inventory of polyester short fibers in Chinese factories is 7.78 days, a decrease of 0.12 days from the previous period, while physical inventory stands at 15.10 days, down 0.25 days [2] Institutional Perspectives - Donghai Futures notes that the weakening of the sector is leading to lower short fiber prices, with terminal orders remaining average. Although short fiber production has slightly rebounded, negative feedback from the terminal persists, indicating limited accumulation of short fiber inventory [3] - Southwest Futures highlights that short-term short fiber supply remains at a high level, with demand showing some improvement. The supply-demand imbalance is not significant, and short-term prices may fluctuate with costs, emphasizing the need to monitor risk and macro policy adjustments [3]