Ruida Futures(SZ:002961) Jin Tou Wang·2025-12-12 08:05Group 1 - The domestic PTA futures market is experiencing a downward trend, with the main contract closing at 4614.00 yuan/ton, reflecting a slight decrease of 1.03% [1] - As of early December, domestic PTA operating load remains at 73.7%, with concerns over low processing profits, declining terminal demand, and inventory accumulation expectations affecting future operational stability [2] - Polyester production load is at 91.2%, with maintenance and repairs affecting some polyester filament and short fiber facilities, while new polyester capacity is set to increase to 89.84 million tons starting December 1, 2025 [2] Group 2 - Current PTA factory inventory stands at 3.92 days, an increase of 0.14 days from the previous week and 0.2 days higher than the same period last year; polyester factory PTA raw material inventory is at 7.5 days, up 0.7 days week-on-week but down 0.5 days year-on-year [2] - The market outlook indicates strong support for PTA at low valuations, but ongoing inventory accumulation expectations and unhealed processing fees are likely to dominate the market, with trends following PX prices [2]