Report Industry Investment Rating - No information provided Core Viewpoints - The PTA market is expected to follow the cost side and fluctuate with a slightly upward trend in the short term, while the ethylene glycol price is expected to weaken and fluctuate in the short term [3][4] Summary by Related Content PTA - Market Conditions: On November 06, the PTA main futures contract TA2601 rose 2.27%, and the basis was -144 yuan/ton, down 70 yuan/ton from the previous day [3] - Fundamentals: The market price of PTA in East China was 4540 yuan/ton, up 30 yuan/ton from the previous trading day. The crude oil price in the cost side fluctuated narrowly. The PTA capacity utilization rate increased by 0.10% to 77.19% compared with the previous day. The PTA factory inventory days within the week were 4.03 days, a decrease of 0.04 days month-on-month [3] - Main Force Movements: Short - side main forces increased positions [3] - Trend: In the short term, the PTA plant operating rate decreased slightly, the inventory accumulation pressure eased, the spot processing fee was around 140 yuan/ton and operated at a low level, the supply was still in excess, the downstream polyester operating rate rebounded, and the PTA market was expected to follow the cost side and fluctuate with a slightly upward trend [3] MEG (Ethylene Glycol) - Market Conditions: On November 06, the ethylene glycol main futures contract eg2601 rose 0.56%, and the basis was 44 yuan/ton, down 22 yuan/ton from the previous day [4] - Fundamentals: The market price of ethylene glycol in East China was 3946 yuan/ton, down 22 yuan/ton from the previous trading day. The crude oil price in the cost side fluctuated narrowly, the production gross profit losses of oil - based and coal - based ethylene glycol further expanded, and the total inventory of MEG ports in East China within the week was 49.9 tons, an increase of 1.6 tons month - on - month [4] - Main Force Movements: There were differences between long - side and short - side main forces [4] - Expectation: The expected arrival volume of ethylene glycol in the future will increase, and there is an expectation of inventory accumulation in the far - month. Recently, some ethylene glycol plants have been under maintenance and restarted simultaneously, and there are still plans for new plants to test - run, so there is an expectation of supply increase. Although terminal orders increased during the Double Eleven period, the peak demand season is coming to an end, and the ethylene glycol price is expected to weaken and fluctuate in the short term [4]
金信期货PTA乙二醇日刊-20251106
Jin Xin Qi Huo·2025-11-06 09:04