生产企业库存低位 PTA或将保持区间震荡格局

Group 1 - PTA futures showed a strong performance, with the main contract reaching 4982.00 CNY/ton, an increase of 3.32% [1] - As of December 19, the number of PTA futures warehouse receipts was 129,107, a decrease of 690 from the previous trading day [2] - In November 2025, China's PTA imports were 0.03 million tons, a decrease of 0.036 million tons from the previous month, representing a decline of 55.78% [2] Group 2 - Donghai Futures indicated that the supply-demand outlook for next year is improving, leading to a significant increase in PTA prices due to self-discipline production cuts by major manufacturers [4] - Hualian Futures noted that while oil prices remain low, geopolitical complexities and a strong gold market provide some support for oil prices, impacting the polyester supply chain [4] - The processing fee for PTA is at a multi-year low but is expected to strengthen, with production rates anticipated to rise and low inventory levels for both production enterprises and social stocks [4]