宏源期货品种策略日报-20250522

Report Industry Investment Rating No relevant information provided. 2. Core Viewpoints of the Report - The market for ethylene glycol is currently in a state of cautious sentiment, with participants being more prudent due to uncertainties in macro - market developments and negotiations. The price of ethylene glycol has shown narrow - range adjustments, and the market is affected by factors such as supply - side losses and polyester load. In the short - term, the market will maintain a slow trend, and attention should be paid to polyester production reduction news [2]. - The production and sales of polyester products such as polyester filament, polyester staple fiber, and polyester chips have shown certain fluctuations. The production and sales of polyester filament have improved slightly, while the overall production and sales of polyester products are affected by factors such as raw material price increases [2]. 3. Summary According to Relevant Catalogs 3.1 Price Information - Crude Oil: On May 22, 2025, the price of crude oil was $569.63 per ton, with a price increase of 0.04% compared to the previous value [1]. - Ethylene Glycol: The price of ethylene glycol in the Northeast Asia region was $781 per ton on May 21, 2025, with no change compared to the previous value. The price of ethylene glycol in the East China region was $600 per ton on May 22, 2025, with no change compared to the previous value [1]. - Polyester Products: The price index of polyester on May 21, 2025, was $890 per ton, with no change compared to the previous value; the price index of polyester staple fiber was $663 per ton, with an increase of 0.15% compared to the previous value; the price index of bottle - grade polyester chips was $605 per ton, with an increase of 0.83% compared to the previous value [1]. 3.2 Operating Rate Information - The operating rate of ethylene glycol production by the oil - based method was 54.94% on May 21, 2025, with no change compared to the previous value; the operating rate of ethylene glycol production by the coal - based method was 48.18% on May 21, 2025, with no change compared to the previous value [1]. - The load rate of the polyester industry's PTA factory was 91.11% on May 21, 2025, with no change compared to the previous value; the load rate of the textile machinery industry in the Jiangsu and Zhejiang regions was 68.10% on May 21, 2025, with no change compared to the previous value [1]. 3.3 Market Transaction Information - In the ethylene glycol market, on May 21, 2025, the trading volume of ethylene glycol futures was 186,500 lots, and the closing price was $4414 per ton, with an increase of 0.23% compared to the previous day [2]. - The production and sales of polyester products such as polyester filament, polyester staple fiber, and polyester chips were 111.52%, 48.3%, and 69.0% respectively on May 21, 2025, showing certain fluctuations compared to the previous period [2].