Report Information - Report Title: Jinxin Futures PTA Ethylene Glycol Daily [1] - Date: November 4, 2025 [1] PTA Analysis Market Conditions - On November 4, the PTA main futures contract TA2601 fell 0.04%, with a basis of -86 yuan/ton, up 20 yuan/ton from the previous day [3] - The market price of PTA in East China was 4,510 yuan/ton, down 30 yuan/ton from the previous trading day [3] Fundamentals - The crude oil price in the cost - end showed a narrow - range oscillation. The PTA capacity utilization rate was 78.34%. There were many maintenance and changes of devices under low processing fees recently [3] - The inventory days of PTA factories in the week were 4.03 days, a decrease of 0.04 days compared to the previous period [3] Main Force Trends - There was a divergence between long and short main forces [3] Market Outlook - In the short term, the PTA device operating rate decreased slightly, the inventory accumulation pressure was relieved, and the spot processing fee was running at a low level of about 150 yuan/ton. The supply was still in excess, while the downstream polyester operating rate rebounded. It is expected that the PTA market will follow the cost - end and oscillate strongly in the short term [3] MEG Analysis Market Conditions - On November 4, the ethylene glycol main futures contract eg2601 fell 2.47%, with a basis of 80 yuan/ton, down 10 yuan/ton from the previous day [4] - The market price of ethylene glycol in East China was 4,010 yuan/ton, down 80 yuan/ton from the previous trading day [4] Fundamentals - The crude oil price in the cost - end showed a narrow - range oscillation. The production gross profit losses of oil - based and coal - based ethylene glycol further expanded. The total inventory of MEG ports in East China in the week was 49.9 tons, an increase of 1.6 tons compared to the previous period [4] Main Force Trends - The long main force reduced positions [4] Market Outlook - The expected arrival volume of ethylene glycol in the future is expected to increase, and there is an expectation of inventory accumulation in the far - month. Recently, some ethylene glycol devices have been under maintenance and restarted, and there are still new device trial - run plans in the future, with an expected increase in the supply side. Although the terminal orders increased during the Double Eleven period, the peak demand season is coming to an end. It is expected that the price center of ethylene glycol will oscillate weakly in the short term [4]
金信期货PTA乙二醇日刊-20251104
Jin Xin Qi Huo·2025-11-04 09:27