宏源期货日刊-20250603

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints - The market for ethylene glycol is currently in a state of narrow - range adjustment. High inventory in the upstream polyester industry and slow - rising production reduction scale in the short - term keep the supply of ethylene glycol sufficient. The polyester production and sales of polyester filament, polyester staple fiber, and chips have different levels of fluctuations. The market is expected to continue to destock in the future, and the price of ethylene glycol will continue to operate in the short - term, with relatively small changes in the short - term due to the lack of driving forces from both supply and demand sides [2] 3. Summary According to Related Catalogs 3.1 Price Information - The new prices, previous values, and price change percentages of various products such as ethylene glycol, coal, and PTA are presented. For example, the new price of ethylene glycol in the spot market is 4416.00 yuan/ton, with a previous value of 4430.00 yuan/ton, a change of - 0.32%. And the price of PTA主力合约 settlement price is 4340.00 yuan/ton, with a previous value of 4336.00 yuan/ton, a change of 0.09% [1] 3.2 Industry Load Rate - The load rates of the PTA industry and the textile industry in Zhejiang and Jiangsu are provided. The PTA factory load rate is 89.94%, and the load rate of the textile industry in Zhejiang and Jiangsu is 69.80% [1] 3.3 Market Transaction Information - In the ethylene glycol market, the spot price fluctuates within a narrow range, and the trading volume is average. Ship - cargo trading is mainly concentrated around a certain premium or discount. For example, short - term ship - cargo trading is concentrated around a premium of about 9 - 10 US dollars/ton, and long - term ship - cargo trading has different discount ranges in different months [2] 3.4 Market Trend Analysis - High inventory in the upstream polyester industry and slow - rising production reduction scale keep the supply of ethylene glycol sufficient. The polyester production and sales of polyester filament, polyester staple fiber, and chips are in a state of shock adjustment. Although the overall inventory is high, there is a certain degree of inventory reduction expectation. The market will continue to destock, and the price of ethylene glycol will continue to operate in the short - term, with relatively small changes in the short - term due to the lack of driving forces from both supply and demand sides [2]