建信期货PTA日报-20251118

1. Report Information - Report Type: PTA Daily Report [1] - Date: November 18, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Review and Operation Suggestions - Futures Market: On the 17th, the closing price of PTA's main futures contract TA2601 was 4,692 yuan/ton, down 20 yuan/ton (0.42%), with a settlement price of 4,696 yuan/ton and a daily reduction of 6,523 lots. The TA2605 contract closed at 4,756 yuan/ton, down 18 yuan/ton, with a trading volume of 84,010 lots, an increase of 10,594 lots [6] - Market Outlook: Although PTA is theoretically in a de - stocking state, the decline in the crude oil market weakens cost support, and there is no tight supply in the PTA spot market. Therefore, the PTA market is expected to be weak [6] 3. Industry News - Crude Oil: Due to concerns about supply after a Ukrainian drone attack on an oil depot in a European country's energy center, international oil prices continued to rise. The settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $60.09 per barrel, up $1.40 (2.39%), trading between $58.71 - $60.65. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $64.39 per barrel, up $1.38 (2.19%), trading between $63.36 - $64.87 [7] - PX Market: The price of PX in the Chinese market was estimated at $829 - 831/ton, down $1/ton; in the South Korean market, it was estimated at $809 - 811/ton, down $1/ton. There was one deal heard during the day, with any January cargo sold at $830/ton. The cost - side single - sided driving force is insufficient due to the fluctuating international oil prices, and the market is waiting to see the operation progress of a PX plant in South China, leading to increased long - short game sentiment [7] - PTA Market: The price of PTA in the East China market was 4,622 yuan/ton, down 12 yuan/ton. The average daily negotiation basis was at a discount of 74 yuan/ton to the futures contract 2601, up 4 yuan/ton [7] 4. Data Overview - The report provides multiple data charts, including international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA futures prices, basis differences, PTA warehouse receipts, polyester factory load rates, PTA downstream product prices, and inventory [11][13][17]