金信期货PTA乙二醇日刊-20251020

Group 1: Report Overview - The report is the daily report of PTA and ethylene glycol by Goldtrust Futures Research Institute, dated October 20, 2025 [1] Group 2: PTA Market Analysis Market Conditions - On October 20, the PTA main futures contract TA2601 fell 0.90%, with a basis of -74 yuan/ton, up 11 yuan/ton from the previous trading day; the market price in East China was 4340 yuan/ton, unchanged from the previous trading day [3] Fundamentals - The cost-side crude oil fluctuated downward; the PTA capacity utilization rate was 75.98%, unchanged from the previous day, and there were many overhauls and changes in the devices under low processing fees recently; the PTA factory inventory days within the week were 4.08 days, a decrease of 0.14 days month-on-month [3] Main Force Movements - The short main force increased positions [3] Expectations - The PTA futures market followed the cost side to open low and go low. The processing fees continued to operate at a low level, resulting in many changes in the PTA device load recently. The spot basis was weakly operating, and the downstream weaving start-up rate increased slowly. It is expected that the PTA spot price will fluctuate in the short term, mainly affected by the cost side [3] Group 3: Ethylene Glycol (MEG) Market Analysis Market Conditions - On October 20, the ethylene glycol main futures contract eg2601 fell 0.84%, with a basis of 70 yuan/ton, down 23 yuan/ton from the previous trading day; the market price in East China was 4100 yuan/ton, down 2 yuan/ton from the previous trading day [4] Fundamentals - The cost-side crude oil fluctuated downward, and the coal price rose; the total inventory of MEG ports in East China within the week was 49.3 tons, an increase of 4.99 tons month-on-month [4] Main Force Movements - The short main force increased positions [4] Expectations - Since October, the ethylene glycol port inventory has continued to accumulate. The cost pressure of oil-based production has been relieved, but the firm coal and natural gas prices have squeezed the coal-based and gas-based production routes. The order performance of the weaving market is differentiated, and the demand for winter warm fabrics such as polar fleece, air layer, and De Rong is gradually picking up. It is expected that the ethylene glycol market will mainly adjust in a volatile manner in the short term [4]