供需有望改善 对二甲苯期货行情呈现震荡上行走势

Core Viewpoint - The domestic futures market for the chemical sector is showing a predominantly positive trend, particularly for paraxylene (PX) futures, which have experienced fluctuations with a current upward trend in prices [1] Group 1: Market Performance - The main contract for paraxylene opened at 6356.0 yuan/ton and reached a high of 6454.0 yuan during the day, with a low of 6344.0 yuan, resulting in a price increase of 2.06% [1] - The overall market performance for paraxylene is characterized by strong fluctuations and an upward trend [1] Group 2: Institutional Insights - Minmetals Futures indicates that the current PX load remains high, but the downstream PTA sector is undergoing significant maintenance, leading to a lower overall load. The expectation of new PTA installations is suppressing PTA processing fees, which may hinder PX inventory reduction. The current valuation is neutral, primarily following crude oil fluctuations, with a recommendation to observe the market [1] - Southwest Futures notes a short-term loosening of the PX supply-demand balance, with a relatively firm PXN price spread. However, weak cost support and insufficient demand may lead to a slight downward adjustment in PX prices. Caution is advised regarding crude oil fluctuations and macro policy changes [1] - Zhonghui Futures points out a slight reduction in supply from domestic and international facilities, with recent weak demand but potential for improvement. The PX-MX spread remains high, while the cost side is pressured by declining crude oil and naphtha prices. The strategy suggests taking profits on short positions at low prices and looking for short opportunities at high prices [1]