建信期货PTA日报-20251107

Report Information - Report Name: PTA Daily Report [1] - Date: November 7, 2025 [2] Investment Rating - Not provided Core View - PX maintenance rumors support the PX market, cost drives up PTA, and the downstream polyester operating load is relatively high with good rigid demand. It is expected that the PTA market will rise [6] Summary by Section 1. Market Review and Operation Suggestions - On the 6th, the closing price of the PTA main futures TA2601 was 4,688 yuan/ton, up 104 yuan/ton or 2.27%. The settlement price was 4,620 yuan/ton, and the daily open interest increased by 61,763 lots. The closing price of TA2605 was 4,750 yuan/ton, up 100 yuan/ton, with a trading volume of 66,851 lots, an increase of 3,185 lots [6] 2. Industry News - US crude oil inventories unexpectedly increased significantly, and the international oil price continued to fall. However, gasoline inventories dropped to the lowest level in three years, limiting the decline. On Wednesday (November 5), the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $59.6 per barrel, down $0.96 or 1.59%. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $63.52 per barrel, down $0.92 or 1.43% [7] - The estimated price of PX in the Chinese market was $825 - 827 per ton, up $10 per ton; the estimated price in the South Korean market was $805 - 807 per ton, up $10 per ton. The cost - side oil market continued to fluctuate. Domestic PX plants operated relatively stably, and the demand side showed well due to the release of new PTA production capacity. Participants still had confidence in the future market under the tight - balance pattern [7] - The PTA price in the East China market was 4,541 yuan/ton, up 34 yuan/ton. The average daily negotiation basis was at a discount of 79 yuan/ton to the futures 2601, down 2 yuan/ton [7] 3. Data Overview - The report provides multiple data charts including PTA futures price summary, spot - futures price difference, international crude oil futures main contract closing price, upstream raw material spot price, PX price, MEG price, PTA processing margin, TA5 - 9 spread, PTA warehouse receipt quantity, polyester factory load rate, PTA downstream product price, and PTA downstream product inventory, with data sources from Wind and the Research and Development Department of CCB Futures [11][13][17]