金信期货PTA乙二醇日刊-20251113

Report Overview - The report is a daily publication from Goldtrust Futures Research Institute, covering PTA and MEG futures markets on November 13, 2025 [1][3][4] PTA Market Market Performance - On November 13, the PTA main futures contract TA2601 rose 0.64%, and the basis weakened to -79 yuan/ton, down 1 yuan/ton from the previous day [3] Fundamental Information - The market price of PTA in East China was 4565 yuan/ton, down 27 yuan/ton from the previous trading day - The cost of crude oil prices fell again - The PTA capacity utilization rate was 75.42% - There were many maintenance and changes in plants under low processing fees recently - The inventory days of PTA factories within the week were 4.09 days, a week-on-week increase of 0.06 days [3] Main Force Trends - There was a divergence between long and short main forces [3] Market Expectations - In the short term, the PTA plant operating rate will decline slightly, which is a planned change - The spot processing fee will recover slightly but still operate at a low level - Without substantial production reduction policies, the supply will remain in excess in the long term - The high operation of downstream polyester will support demand - The PTA market is expected to fluctuate following the cost side in the short term [3] MEG Market Market Performance - On November 13, the ethylene glycol main futures contract eg2601 rose 0.05%, and the basis was 63 yuan/ton, unchanged from the previous day [4] Fundamental Information - The market price of ethylene glycol in East China was 3943 yuan/ton, down 10 yuan/ton from the previous trading day - The cost of crude oil prices fell again, and the production margins of oil-based and coal-based ethylene glycol remained in the red - The total inventory of MEG ports in East China within the week was 56.4 tons, a week-on-week increase of 6.5 tons [4] Main Force Trends - The long main force increased positions [4] Market Expectations - The expected arrival volume of ethylene glycol in the future is high, and the visible inventory has increased significantly - The far-month may continue to accumulate inventory - Recently, some ethylene glycol plants have been under maintenance and restarted, and there are still new plants planned to be commissioned - The supply side is expected to increase - Terminal orders increased during the Double Eleven period, but the peak demand season is coming to an end - The price center of ethylene glycol is expected to fluctuate weakly in the short term [4]