建信期货PTA日报-20250811

Report Summary 1. Report Date - The report is dated August 11, 2025 [2] 2. Research Team - The energy and chemical research team includes researchers such as Li Jie (crude oil and fuel), Ren Junchi (PTA, MEG), Peng Haozhou (urea, industrial silicon), Peng Jinglin (polyolefins), Liu Youran (pulp), and Feng Zeren (glass and soda ash) [3] 3. Market Review and Operation Suggestions - On the 8th, the closing price of the PTA main futures contract TA2509 was 4,684 yuan/ton, down 24 yuan/ton or 0.51%, with a settlement price of 4,688 yuan/ton and a daily reduction of 32,353 lots. The closing price of TA2601 was 4,704 yuan/ton, down 34 yuan/ton, and the trading volume was 205,367 lots, an increase of 37,845 lots [5] - With the weak crude oil market and the possible continued sales by the main PTA suppliers, along with unconfirmed rumors of maintenance of some PTA plants in the Northeast, the PTA market is expected to decline slightly [5] 4. Industry News - Due to uncertainties surrounding US tariffs, sanctions against Russia, and OPEC+ production increases, European and American crude oil futures fell for the sixth consecutive trading day. On Thursday (August 7), the settlement price of WTI crude oil futures for September 2025 on the NYMEX was $63.88 per barrel, down $0.47 or 0.73%, and the settlement price of Brent crude oil futures for October 2025 on the ICE was $66.43 per barrel, down $0.46 or 0.69% [6] - The assessed price of PX in the Chinese market was $831 - 833 per ton, down $8 per ton from the previous trading day, and in the South Korean market, it was $811 - 813 per ton, also down $8 per ton. There was one transaction of any October shipment at $829 per ton [6] - The cost - end oil price is still in a downward channel. There are expectations of partial restart of domestic PX plants, while the possibility of an expansion in PTA production cuts on the demand side has increased the bearish sentiment in the market [6] - The PTA price in the East China market was 4,998 yuan/ton, down 12 yuan/ton. The average daily negotiation basis was a discount of 52 yuan/ton compared to the futures contract 2505, up 12 yuan/ton [6] 5. Data Overview - The report provides various data charts including international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA prices, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipts, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories, with data sources from Wind and the Research and Development Department of CCB Futures [10][12][18]