前期装置检修复产 PTA期价将继续保持偏弱运行

News Summary Core Viewpoint - The PTA futures market shows an increase in warehouse receipts, while the spot market experiences weak trading sentiment and declining basis levels. Supply and demand dynamics indicate a potential oversupply situation in the fourth quarter, leading to a bearish outlook for PTA prices. Group 1: Market Data - As of October 14, the Zhengzhou Commodity Exchange reported 38,982 PTA futures warehouse receipts, an increase of 1,404 from the previous trading day [1] - The current spot market for PTA has a trading range between 4,340 and 4,425, with October contracts trading at a basis of approximately 80-85 [1] - PTA factory inventory stands at 4.22 days, up 0.47 days week-on-week, but down 0.44 days year-on-year [1] Group 2: Institutional Perspectives - According to Zhonghui Futures, the East China spot market is weak, with a bearish basis. Supply-side operating rates have increased, but demand remains uncertain despite expectations for a peak consumption season in October [2] - Donghai Futures notes that downstream operating rates are at 91%, with weaving machine operating rates only at 70%. The anticipated demand pressure is expected to rise as the peak season fades [3] - The overall supply of PTA remains high, with increasing port inventories indicating an oversupply situation, which is expected to keep PTA prices under pressure [3]