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金信期货PTA乙二醇日刊-20251110
Jin Xin Qi Huo·2025-11-10 09:41
  1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - For PTA, short - term PTA device operating rate will decline slightly as planned. Spot processing fees will recover slightly but still run at a low level. Without substantial production - cut policies, the supply will be in excess in the long - term. High downstream polyester operation supports demand, and the PTA market is expected to follow the cost side and fluctuate strongly in the short - term [3] - For MEG, the expected arrival volume in the future is large, the visible inventory rises significantly, and there may be continuous inventory accumulation in the far - month. There is an incremental expectation on the supply side. The demand peak season is near the end, and the MEG price is expected to fluctuate weakly in the short - term [4] 3. Summary according to Related Contents PTA - Market situation: On November 10, the PTA main futures contract TA2601 rose 1.12%, and the basis strengthened to - 78 yuan/ton, up 14 yuan/ton from the previous day [3] - Fundamentals: The market price in East China was 4594 yuan/ton, up 22 yuan/ton from the previous trading day. The crude oil price fluctuated narrowly. The PTA capacity utilization rate decreased by 0.71% to 75.42%. The PTA factory inventory days were 4.09 days, a week - on - week increase of 0.06 days [3] - Main force trends: The long - position main force reduced positions [3] MEG - Market situation: On November 10, the ethylene glycol main futures contract eg2601 rose 0.56%, and the basis strengthened to 72 yuan/ton, up 1 yuan/ton from the previous day [4] - Fundamentals: The market price in East China was 4008 yuan/ton, down 13 yuan/ton from the previous trading day. The crude oil price fluctuated narrowly. The production margins of oil - based and coal - based ethylene glycol losses expanded. The port inventory in East China was 56.4 tons, a week - on - week increase of 6.5 tons [4] - Main force trends: There were differences between long and short main forces [4]