建信期货PTA日报-20250917

Report Information - Report title: PTA Daily Report [1] - Date: September 17, 2025 [2] Report Core View - On the 16th, the closing price of the PTA main futures contract TA2601 was 4,688 yuan/ton, up 4 yuan/ton, with an increase of 0.09%. The settlement price was 4,692 yuan/ton, and the daily open interest increased by 4,394 lots. The low processing fee for PTA continued to be favorable, but there were no unplanned device overhauls. The sales of downstream polyester filament were poor, and market confidence was insufficient. It is expected that the PTA market will remain stable [6]. Market Review and Operation Suggestions - Futures Market Quotes: - TA2601: Closing price of 4,688 yuan/ton, up 4 yuan/ton, total volume of 640,160 lots, an increase of 4,394 lots. - TA2605: Closing price of 4,734 yuan/ton, up 16 yuan/ton, total volume of 21,063 lots, an increase of 1,946 lots [6] Industry News - Investors are evaluating the impact of Ukrainian drones on a refinery in a European country. At the same time, Trump said that if NATO countries stop buying oil from a European country, he is prepared to impose sanctions on that country. Affected by this, international oil prices continued to rise. On Monday (September 15), the settlement price of the West Texas Intermediate crude oil futures contract for October 2025 on the New York Mercantile Exchange was $63.30 per barrel, up $0.61 from the previous trading day, an increase of 0.97%, with a trading range of $62.52 - $63.67. The settlement price of the Brent crude oil futures contract for November 2025 on the Intercontinental Exchange in London was $67.44 per barrel, up $0.45 from the previous trading day, an increase of 0.67%, with a trading range of $66.78 - $67.85 [7]. - PX Market: - The price in the Chinese market was estimated at $833 - $835 per ton, down $2 per ton. - The price in the South Korean market was estimated at $813 - $815 per ton, down $2 per ton. Against the backdrop of tense geopolitical relations, oil prices continued to fluctuate strongly, providing some support to the PX cost side. However, the domestic PX supply capacity has increased, while demand has not kept up, which has pressured the confidence of market participants in the future. The main negotiated cargoes have shifted to November, and the near - strong and far - weak structure has continued. There were two transactions reported during the day, with any November cargoes traded at $835 per ton and any December cargoes traded at $833 per ton [7]. - PTA Market in East China: The price was 4,618 yuan/ton, up 18 yuan/ton. The average daily negotiated basis was a discount of 78 yuan/ton compared to the futures contract 2601, up 6 yuan [7]. Data Overview - The report includes multiple data charts, such as the closing price of international crude oil futures main contracts, upstream raw material spot prices, PX prices, MEG prices, PTA price summaries, basis differences between futures and spot prices, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipt quantities, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories, with data sourced from Wind and the Research and Development Department of CCB Futures [11][13][17]