建信期货PTA日报-20250924

Report Information - Report Name: PTA Daily Report [1] - Date: September 24, 2025 [2] Industry Investment Rating - Not provided Core View - On the 23rd, the closing price of the PTA main futures TA2601 was 4,556 yuan/ton, down 40 yuan/ton or 0.87%. With the cost support from crude oil and sufficient PTA spot supply, and lack of positive demand support, the PTA market is expected to fluctuate narrowly [6]. Summary by Section 1. Market Review and Operation Suggestions - Futures Market: The closing price of TA2601 was 4,556 yuan/ton, down 40 yuan/ton, with a trading volume of 605,225 and an increase of 46,886. The closing price of TA2605 was 4,598 yuan/ton, down 38 yuan/ton, with a trading volume of 23,630 and an increase of 1,325 [6]. 2. Industry News - Crude Oil: Due to Iraq's increased oil exports, concerns about future supply surplus overshadowed geopolitical tensions. WTI crude oil futures for October 2025 settled at $62.64 per barrel, down $0.04 or 0.06%. Brent crude oil futures for November 2025 settled at $66.57 per barrel, down $0.11 or 0.16% [7]. - PX: The price in the Chinese market was estimated at $803 - 805 per ton, down $4 per ton; in the South Korean market, it was estimated at $783 - 785 per ton, down $4 per ton. There was 1 deal heard, with any November cargo sold at $804 per ton [7]. - PTA in East China: The price was 4,998 yuan/ton, down 12 yuan/ton. The average daily negotiation basis was a discount of 52 yuan/ton compared to futures 2505, up 12 yuan/ton [7]. 3. Data Overview - Multiple data charts are provided, including international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA futures prices, basis, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipts, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories. All data sources are from Wind and the Research and Development Department of CCB Futures [10][11][13]