金信期货PTA乙二醇日刊-20251118

Group 1: PTA Summary of Key Points - On November 18, the main PTA futures contract TA2601 fell 0.55%, and the basis weakened to -79 yuan/ton, down 6 yuan/ton from the previous day [2] - The market price of PTA in East China was 4,605 yuan/ton, down 14 yuan/ton from the previous trading day. The crude oil price at the cost end remained stable, the PTA capacity utilization rate was 73.46%, down 2.64% from the previous day, and the weekly PTA factory inventory days were 3.97 days, a decrease of 0.12 days month-on-month [3] - The long - position main force reduced positions [3] - The PTA plant operating rate decreased slightly within the planned range. The spot processing fee rebounded but remained at a low level. Without substantial production cut policies, the supply was expected to be in excess in the long - term. The high operating rate of downstream polyester supported demand. In the short term, the PTA market was expected to fluctuate following the cost end [3] Group 2: MEG Summary of Key Points - On November 18, the main ethylene glycol futures contract eg2601 fell 0.64%, and the basis strengthened to 48 yuan/ton, up 11 yuan/ton from the previous day [4] - The market price of ethylene glycol in East China was 3,970 yuan/ton, down 5 yuan/ton from the previous trading day. The crude oil price at the cost end remained stable, the production profit of coal - based ethylene glycol remained in the red, and the weekly inventory at East China MEG ports totaled 66.76 tons, an increase of 4.96 tons month - on - month [4] - There was a divergence between the long - and short - position main forces [4] - The visible inventory of ethylene glycol had increased significantly recently, and the medium - and long - term inventory accumulation pressure remained. Some ethylene glycol plants were under maintenance and restart, and new plants were planned to be commissioned. There was an expectation of increased supply. Although terminal orders increased during the Double Eleven period, the peak demand season was nearing the end. In the short term, the price center of ethylene glycol was expected to fluctuate weakly [4]