宏源期货品种策略日报：油脂油料-20251106

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The report predicts that PX, PTA, and PR will fluctuate within a narrow range (PX view score: 0, PTA view score: 0, PR view score: 0) [2] Summary by Related Catalogs Price Information - Crude Oil: On November 5, 2025, the futures settlement price (continuous) of WTI crude oil was $59.60 per barrel, down 1.59% from the previous value; Brent crude oil was $63.52 per barrel, down 1.43% [1] - Naphtha: The spot price (mid - price) of naphtha CFR Japan on November 5, 2025, was $577.50 per ton, up 0.17% [1] - PX: The spot price of PX CFR China Main Port on November 5, 2025, was $816.00 per ton, up 0.18%; the domestic spot price was 6504.00 yuan per ton, unchanged [1] - PTA: The CCFEI price index of PTA inner - market on November 5, 2025, was 4510.00 yuan per ton, down 0.33%; the outer - market was $610.00 per ton (November 4), down 0.49% [1] - PR: The market price (mainstream price) of polyester bottle chips in the East China market on November 5, 2025, was 5690.00 yuan per ton, down 0.44%; in the South China market, it was 5730.00 yuan per ton, down 0.52% [1] - Downstream Products: The CCFEI price index of polyester products such as polyester DTY, POY, FDY, short - fiber, chip, and bottle - grade chip showed little change or a slight decline on November 5, 2025 [2] Spread Information - PXN Spread: On November 5, 2025, it was $238.50 per ton, up 0.21% [1] - PX - MX Spread: On November 5, 2025, it was $129.00 per ton, up 0.78% [1] - Near - far Month Spread of PTA: On November 5, 2025, it was - 36.00 yuan per ton, an increase of 10.00 yuan [1] - Basis: The basis of PTA was - 90.00 yuan per ton on November 5, 2025, a decrease of 11.00 yuan; the basis of PX was - 146.00 yuan per ton, an increase of 10.00 yuan; the basis of PR in the East China market was 28.00 yuan per ton, a decrease of 21.00 yuan; in the South China market, it was 68.00 yuan per ton, a decrease of 26.00 yuan [1] Operating Rate Information - On November 5, 2025, the operating rate of the PX in the polyester industry chain was 86.21%, unchanged; the PTA factory load rate was 77.84%, down 1.82%; the polyester factory load rate was 89.56%, unchanged; the bottle - chip factory load rate was 75.63%, unchanged; the load rate of Jiangsu and Zhejiang looms was 72.28%, unchanged [1] Production and Sales Rate Information - On November 5, 2025, the production and sales rate of polyester filament was 52.59%, up 4.44%; the production and sales rate of polyester short - fiber was 38.35%, down 4.26%; the production and sales rate of polyester chips was 46.28%, down 22.17% [1] Device Information - The 2.7 - million - ton (design capacity) PTA device of Dushan Energy's No. 4 started trial operation on October 25, 2025. After the new device runs stably, the old one will be shut down [2] Important News and Logic - PX: With the cooling of the overall risk appetite in the financial market, oil prices fluctuated and closed down. The domestic PX device supply was stable, and the demand - side PTA had both maintenance and restart. Some domestic PX plants had reformer maintenance, but the market supply remained stable with the supplement of toluene and xylene. Overseas devices ran smoothly. A 700,000 - ton device in the Northeast was expanded to 1 million tons and was increasing production [2] - PTA: The market focus returned to the fundamentals. PTA spot supply was sufficient. The crude oil market fluctuated narrowly, and downstream demand was stable. A 2.7 - million - ton PTA device in East China started trial operation, which had limited impact on the market. The supply - side production reduction expectation failed, and downstream demand was generally weak [2] - PR: The mainstream negotiation price of polyester bottle chips in the Jiangsu and Zhejiang markets was 5670 - 5790 yuan per ton, down 10 yuan per ton. The PTA and bottle - chip futures fluctuated narrowly. The supply - side offers mostly decreased, and downstream purchasing willingness was low [2] Trading Strategy - It is expected that PX, PTA, and PR will fluctuate within a narrow range [2]