金信期货PTA乙二醇日刊-20251119

Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. 2. Core Viewpoints - For PTA, the short - term PTA market is expected to follow the cost - end and fluctuate. The supply is expected to be in excess in the long - term without substantial production cut policies, while the high - level downstream polyester demand provides support [3]. - For MEG, the short - term price of ethylene glycol is expected to fluctuate weakly. The inventory has increased significantly recently, and there is an expectation of supply increase, while the demand peak season is coming to an end [4]. 3. Summary by Related Contents PTA - Price and Basis: On November 19, the PTA main futures contract TA2601 rose 0.60%, and the basis strengthened to - 68 yuan/ton. The market price in East China was 4,640 yuan/ton, up 35 yuan/ton from the previous trading day [2][3]. - Fundamentals: The cost - end crude oil price remained stable. The PTA capacity utilization rate was 73.46%, and the weekly PTA factory inventory days were 3.97 days, a decrease of 0.12 days compared to the previous period. The short - term PTA device operating rate will decline slightly as planned, and the spot processing fee has rebounded but is still at a low level [3]. - Main Force's Action: The long - position main force increased positions [3]. MEG - Price and Basis: On November 19, the ethylene glycol main futures contract eg2601 fell 0.48%, and the basis weakened to 23 yuan/ton. The market price in East China was 3,925 yuan/ton, down 30 yuan/ton from the previous trading day [4]. - Fundamentals: The cost - end crude oil price remained stable, and the production profit of coal - based ethylene glycol was still in the red. The weekly inventory at East China MEG ports was 66.76 tons, an increase of 4.96 tons compared to the previous period. Some ethylene glycol devices are undergoing maintenance and restart, and new devices are planned to be tested later [4]. - Main Force's Action: The long - position main force increased positions [4].