成本端走弱引发PX、PTA回调，关注需求端恢复情况

Report Summary 1. Industry Investment Rating No industry investment rating was provided in the report. 2. Core View The report analyzes the PX, PTA, and polyester markets, highlighting that cost - side weakness has led to PX and PTA price corrections, and the focus should be on the demand - side recovery. The polyester industry chain shows a pattern of weak supply and demand but with strengthened cost support, and is expected to maintain a volatile consolidation pattern [1][4]. 3. Summary by Directory Daily Market Summary - PTA & PX: On August 27, the PX main contract closed at 6940.0 yuan/ton, down 0.77% from the previous trading day, with a basis of - 97.0 yuan/ton. The PTA main contract closed at 4824.0 yuan/ton, down 0.94% from the previous trading day, with a basis of 56.0 yuan/ton. The supply of PX may increase due to lower crude oil costs and the restart of some Asian plants, while PTA's supply has potential elasticity. The demand for polyester provides support for PTA, and the inventory of PTA factories is at a low level [2][3]. - Polyester: On August 27, the short - fiber main contract closed at 6572.0 yuan/ton, down 0.76% from the previous trading day. The polyester industry chain shows a pattern of weak supply and demand but with strengthened cost support. The inventory structure of the industry chain is significantly differentiated, and it is expected to maintain a volatile consolidation pattern in the short term [4]. Industrial Chain Price Monitoring - PX: The main contract price of PX futures decreased by 0.77% to 6940 yuan/ton, the trading volume decreased by 4.78%, and the open interest increased by 4.45%. The spot price remained unchanged. The basis increased by 35.76% [5]. - PTA: The main contract price of PTA futures decreased by 0.94% to 4824 yuan/ton, the trading volume decreased by 16.16%, and the open interest decreased by 3.93%. The spot price remained unchanged. The basis increased by 460.00% [5]. - Short - fiber: The main contract price of short - fiber futures decreased by 0.76% to 6572 yuan/ton, the trading volume decreased by 14.54%, and the open interest decreased by 1.60%. The spot price increased by 0.08%. The basis increased by 148.65% [5]. Industry Dynamics and Interpretation - Macro Dynamics: There were various events related to the Fed, such as Trump's potential replacement of Fed officials, which may have an impact on inflation and long - term interest rates. Vietnam canceled the state monopoly on gold bar production [7]. - Supply - Demand (Demand): On August 27, the total turnover of the Light Textile City was 593.0 million meters, a month - on - month increase of 8.41% [8]. Industrial Chain Data Charts The report includes multiple charts related to the PX, PTA, and short - fiber markets, such as futures prices, basis, spot prices, capacity utilization, and inventory days [9][11][13].