聚酯产业链期货期权11月报报告：聚酯产业链：终端淡季行情承压-20251103

Report Industry Investment Rating - Not provided in the document Core Viewpoints of the Report - The polyester industry chain is under pressure in the off - season. The prices of various products in the chain are affected by factors such as cost, supply - demand relationship, and geopolitical events. Overall, the prices of most products are expected to show a volatile and weak trend in the future [6][17][56]. Summary by Relevant Catalogs Polyester Industry Chain Market Review - In October 2025, the polyester industry chain prices first declined and then rebounded, driven by cost and "anti - involution" sentiment. The upper half of the month was affected by negative factors such as OPEC's continued production increase, while the lower half was supported by positive factors like the escalation of sanctions against Russia [6]. Crude Oil - In November 2025, crude oil prices showed a V - shaped reversal. The upper half of the month was affected by negative factors and prices declined, while the lower half was supported by positive factors and prices rebounded. OPEC + will continue to increase production, and the demand is weak in the off - season. The price center is expected to move down with fluctuations due to macro and geopolitical factors [9][17]. PX - In October 2025, PX prices first declined and then rebounded. The device operation was relatively stable, and the demand expectation was repaired. The cost side is expected to be weak, and the supply - demand side is slightly weak. It is expected to accumulate inventory slightly, and the price is expected to be volatile and weak [21][56]. PTA - In October 2025, PTA prices first declined and then rebounded. The processing fee first decreased and then increased. The production is expected to decline in November, and it is expected to reduce inventory slightly. The cost is expected to be weak, and the price may decline with cost guidance [59][103]. Ethylene Glycol - In October 2025, ethylene glycol prices were under pressure and showed a weak trend. The supply pressure continued to increase, and the price center moved down. The supply is expected to increase, and the demand is expected to decline slightly, with inventory accumulation in ports. The price is expected to be volatile and weak [106][149]. Polyester Staple Fiber - In October 2025, polyester staple fiber prices first declined and then rebounded. The device operation was stable, and the downstream demand was released periodically. The processing fee was maintained at a good level. The production capacity expansion slowed down, and the production increased month - on - month and decreased year - on - year [151][158].