建信期货PTA日报-20251113

Report Overview - Report Title: PTA Daily Report - Date: November 13, 2025 - Research Team: Energy and Chemical Research Team of Jianxin Futures 1. Investment Rating - No investment rating provided in the report. 2. Core View - Crude oil's premium is gradually receding due to the easing of the European geopolitical situation. Despite the boost from the Middle East issue, it's difficult for oil prices to rise, providing limited cost support for PTA. PTA prices are expected to fluctuate weakly [6]. 3. Summary by Section 3.1 Market Review and Operation Suggestions - On the 12th, the closing price of PTA's main futures contract TA2601 was 4,670 yuan/ton, down 8 yuan/ton (-0.17%), with a settlement price of 4,670 yuan/ton and a daily reduction of 18,488 lots. The closing price of TA2605 was 4,732 yuan/ton, down 2 yuan/ton, with a trading volume of 60,961 lots, an increase of 6,401 lots [6]. 3.2 Industry News - Investors are evaluating the impact of US sanctions on a European country. The US government shutdown is expected to end soon, and international oil prices have risen for three consecutive days. However, concerns about oversupply have limited the increase. On November 11th, the settlement price of WTI crude oil futures for December 2025 was $61.04 per barrel, up $0.91 (1.51%); the settlement price of Brent crude oil futures for January 2026 was $65.16 per barrel, up $1.10 (1.72%). - The price of PX in the Chinese market was estimated at $825 - 827 per ton, up $5 per ton; the price in the South Korean market was estimated at $805 - 807 per ton, up $5 per ton. The oil market at the cost - end continued to rise. Domestic PX and PTA plants were operating stably, and trading was cautious during the annual contract negotiation period. The closing price of PTA's main futures contract TA2601 was 4,670 yuan/ton, down 8 yuan/ton (-0.17%), with a settlement price of 4,670 yuan/ton and a daily reduction of 18,488 lots [7]. 3.3 Data Overview - The report presents multiple charts including international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA prices, price spreads, PTA warehouse receipts, polyester factory load rates, PTA downstream product prices, and inventory [11][13][17]. All data sources are Wind and Jianxin Futures Research and Development Department.