金信期货PTA乙二醇日刊-20251127

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Report's Core View - For PTA, recent supply has decreased significantly, and the cancellation of India's BIS has boosted export demand, leading to a slight reduction in inventory in the short - term. However, downstream polyester production may gradually weaken, and long - term supply remains in excess. The PTA market is expected to fluctuate following the cost side in the short term [3]. - For MEG, inventory has been continuously rising, and although the rate of inventory accumulation has decreased, the expectation has not reversed. Some domestic plants plan to reduce production or undergo maintenance, and an Iranian 330 - million - ton plant has recently shut down. With downstream polyester production stable but entering the off - season, the market is expected to maintain a volatile pattern under the expectation of reduced supply and demand [4]. 3. Summary by Related Catalogs PTA - Market Situation: On November 27, the PTA main futures contract TA2601 fell 0.73%, and the basis strengthened to - 29 yuan/ton [3]. - Fundamentals: The market price in East China was 4615 yuan/ton, down 32 yuan/ton from the previous trading day. The cost of crude oil prices stabilized after a decline. The PTA capacity utilization rate was 71.17%. The weekly PTA factory inventory days were 3.81 days, a decrease of 0.16 days from the previous week. The PTA processing fee recovered to over 200 yuan/ton [3]. - Main Force Movements: Long - position main forces increased their positions [3]. MEG - Market Situation: On November 27, the ethylene glycol main futures contract eg2601 fell 0.23%, and the basis strengthened to 2 yuan/ton [4]. - Fundamentals: The market price in East China was 3889 yuan/ton, down 21 yuan/ton from the previous trading day. The cost of crude oil prices stabilized after a decline, and the production profit of coal - based ethylene glycol remained in the red. The weekly inventory at East China MEG ports totaled 63.3 tons, an increase of 1.5 tons from the previous week [4]. - Main Force Movements: Short - position main forces increased their positions [4].