Report Summary 1. Industry Investment Rating No investment rating information is provided in the report. 2. Core Viewpoints - PTA: The PTA futures price is expected to fluctuate in the short - term, mainly influenced by the cost side. The spot basis is running weakly, and although there are changes in PTA devices and delays in new capacity production, their current impact on the market is limited [3]. - MEG: The ethylene glycol market is expected to be weak in the short - term. Starting from October, the supply - demand pattern is expected to turn to inventory accumulation, and the market sentiment is under significant pressure [4]. 3. Summary by Relevant Content PTA - Market Conditions: On October 15, the basis of the main contract TA2601 was - 85 yuan/ton, a decrease of - 10 yuan/ton from the previous day. The market price in East China was 4325 yuan/ton, a decrease of - 28 yuan/ton from the previous day [3]. - Fundamentals: The crude oil price on the cost side continued to decline, and the PTA futures fluctuated and declined following the cost side. The PTA capacity utilization rate was 76.46%, unchanged from the previous day. There were many device overhauls and changes under the recent low processing fees. The PTA factory inventory days within the week were 4.22 days, a month - on - month increase of 0.47 days [3]. - Main Force Movements: The long - position main force increased positions [3]. - Trend: The PTA futures followed the cost side with a gap - down and low - running pattern. The restart and load - reduction of PTA devices were concurrent, and the new capacity production was delayed, currently having limited impact on the market [3]. MEG - Market Conditions: On October 15, the basis of the main contract eg2601 was 71 yuan/ton, a decrease from the previous day. The market price in East China was 4128 yuan/ton, a decrease of 22 yuan/ton from the previous day [4]. - Fundamentals: The crude oil price on the cost side continued to decline, and the coal price stabilized. The MEG futures fluctuated and declined following the cost side. The total inventory of MEG ports in East China within the week was 44.51 tons, a month - on - month increase of 4.08 tons [4]. - Main Force Movements: The short - position main force increased positions [4]. - Expectation: Starting from October, the supply - demand pattern of ethylene glycol is expected to turn to inventory accumulation, with continuous inventory - accumulation pressure in the far - month. The terminal foreign trade orders are still few, the profit margin in the domestic market continues to narrow, and the industry is under overall pressure. Affected by the high - temperature weather in many southern regions, the demand for autumn and winter clothing is not released as expected [4].
金信期货PTA乙二醇日刊-20251015
Jin Xin Qi Huo·2025-10-15 09:22