库存整体依旧偏高 PTA期货盘面难有趋势性行情

Group 1 - The core viewpoint indicates that the domestic PTA futures market is experiencing slight fluctuations, with the main contract priced at 4686.00 yuan/ton, reflecting a minor increase of 0.04% [1] - Supply side analysis shows that the PTA weekly average capacity utilization rate is at 74.95%, an increase of 4.30% from the previous week, with domestic PTA production reaching 138.8 million tons, up by 7.77 million tons [1] - Demand side insights reveal that polyester plant operations have seen minor fluctuations, with polyester load recovering to 91.6%, while terminal operations in Jiangsu and Zhejiang remain stable, and raw material stocking is cautious [1] Group 2 - Inventory analysis indicates that PTA inventory has slightly decreased but remains high overall, with social inventory days at 10.84 days (down by 0.11 days) and factory inventory days at 3.84 days (down by 0.06 days) [1] - The outlook for the PTA market suggests that while downstream operations have recovered to 91.6%, terminal operations remain limited, with weaving machine operations unchanged at 66%, leading to a slight increase in downstream inventory [2] - The processing fee for PTA has decreased significantly, currently around 120 yuan/ton, and low processing fees are expected to impact operations, with potential maintenance plans for facilities like INEOS [2]