建信期货PTA日报-20250923

Report Information - Report Name: PTA Daily Report [1] - Date: September 23, 2025 [2] Investment Rating - No investment rating information provided. Core Viewpoint - The low processing fee of PTA has not led to a large number of unplanned device overhauls, with sufficient spot supply. The sales of downstream polyester filament are average, and the PTA market is expected to be weak [6]. Summary by Directory 1. Market Review and Operation Suggestions - On the 22nd, the closing price of the PTA main futures contract TA2601 was 4,586 yuan/ton, down 52 yuan/ton or 1.12%. The settlement price was 4,596 yuan/ton, and the daily open interest increased by 40,123 lots [6]. 2. Industry News - Concerns about oversupply and falling demand outweighed expectations that the Fed's first rate cut this year would spur more consumption, causing international oil prices to fall for the third consecutive day. On Friday (September 19), the settlement price of the WTI crude oil futures contract for October 2025 on the New York Mercantile Exchange was $62.68 per barrel, down $0.89 or 1.40%. The settlement price of the Brent crude oil futures contract for November 2025 on the London Intercontinental Exchange was $66.68 per barrel, down $0.76 or 1.13% [7]. - The assessed price in the Chinese PX market was $807 - 809 per ton, down $8 per ton; the assessed price in the South Korean PX market was $787 - 789 per ton, down $8 per ton. The cost side of the oil market continued its weak trend, leading to weak cost momentum for PX. Domestic PX supply was at a relatively high level, and the intensity of production cuts by PTA factories on the demand side increased, resulting in the de - stocking outlook falling short of expectations, and bearish sentiment dominated the market [7]. - The price of PTA in the East China market was 4,520 yuan/ton, down 39 yuan/ton. The average daily negotiation basis was a discount of 76 yuan/ton compared to futures 2601, up 3 yuan [7]. 3. Data Overview - The report mainly presents various data charts, including PTA futures price summary, spot - futures price difference, international crude oil futures main contract closing price, upstream raw material spot price, PX price, MEG price, PTA processing margin, TA5 - 9 spread, PTA warehouse receipt quantity, polyester factory load rate, PTA downstream product price, and PTA downstream product inventory, with data sources from Wind and the Research and Development Department of CCB Futures [11][13][17]