对二甲苯：需求季节性转弱，供应仍偏紧，高位震荡市，PTA，成本支撑，月差正套

Report Industry Investment Ratings No specific industry investment ratings are provided in the report. Core Views of the Report - The report provides a comprehensive analysis of various energy and chemical futures, including PX, PTA, MEG, rubber, synthetic rubber, asphalt, and others, offering trading strategies and trend predictions based on market fundamentals and news [2][12][15]. - It also covers industry news and market dynamics, such as supply and demand changes, inventory levels, and price movements, to help investors make informed decisions [7][16][19]. Summary by Relevant Catalogs PX, PTA, MEG - PX: Demand is seasonally weakening, but supply remains tight, with a high - level consolidation trend. It is recommended to hold long PX and short BZ positions. The overall supply - demand is tight, and it may be strong before the holiday. Pay attention to the warehouse receipt pressure of the PX01 contract [2][12]. - PTA: High - level consolidation, with cost support. Hold long PX and short PTA positions in the 05 contract and conduct a 5 - 9 positive spread operation. Be wary of the negative feedback in the industrial chain caused by early terminal holidays [2][13]. - MEG: The trend is weak. Pay attention to the support of unplanned maintenance on the market. The price is expected to range between 3600 - 3900 yuan/ton. The supply - demand pattern will be under pressure in the next 2 - 3 months [2][14]. Rubber and Synthetic Rubber - Rubber: Consolidating. The domestic production area's stop - cutting sentiment has been digested, while overseas production areas are entering the peak season. The supply increase expectation suppresses the spot market, and the price shows a trend of first falling and then rising [15][16]. - Synthetic Rubber: Ranging. The short - term is expected to oscillate within the fundamental valuation range, with high supply pressure suppressing the price and some marginal improvements providing support [18][20][21]. Asphalt - The crude oil is weakly fluctuating, and asphalt is trading at a low level. The capacity utilization rate of asphalt refineries has decreased, and the social inventory has remained stable. The overall trend is neutral [22][29][32]. LLDPE and PP - LLDPE: Unilateral decline, and the basis has weakened again. The raw material end is oscillating, the downstream demand is weakening, and the supply - demand pressure may increase in the medium term [35][36]. - PP: Under upstream selling pressure, the price difference between powder and granular materials is inverted. The cost support is limited, the demand is weak, and it is expected to continue the weak trend. Focus on the marginal changes of PDH devices [38][39]. Other Commodities - Caustic Soda: It is not advisable to chase short positions. The high - production and high - inventory pattern continues, and the demand is weak. The cost has some support, but the rebound is difficult without production cuts [41][43]. - Pulp: Wide - range consolidation. The futures market is weak, and the spot market shows differentiation. The overall supply - demand pattern is relatively loose, and attention should be paid to port inventory changes and futures market capital trends [46][49]. - Glass: The original sheet price is stable. The float glass price is mostly stable with minor fluctuations, the demand is weak, and the supply pressure is expected to ease [51][52]. - Methanol: Under pressure. The port inventory has decreased significantly in the short term, but there is a risk of inventory accumulation in December. The high - supply pressure in the 01 contract is the main contradiction [55][58]. - Urea: Ranging. The enterprise inventory has decreased, the demand has improved, and the price is supported. The upper pressure level is around 1700 yuan/ton, and the lower support is between 1580 - 1600 yuan/ton [60][62][64]. - Styrene: Short - term oscillation. The pure benzene market is in a weak reality and strong expectation situation, and the styrene supply pressure is not large. It is recommended to focus on EB profit expansion and PX - BZ [65][66]. - Soda Ash: The spot market has little change. The enterprise operation is stable, the output is high, the downstream demand is tepid, and the price is stable [69][70]. - LPG: Suppressed by warehouse receipts, the price has dropped significantly. The 1 - month CP paper price has increased, and there are many PDH and LPG plant maintenance plans [73][74][79]. - Propylene: The spot price is stable, and the main contract follows the cost down. The PDH start - up rate has increased, and the market is under pressure [74]. - PVC: The trend remains weak. The social inventory has increased slightly, and the market is in a high - production and high - inventory pattern. The supply may decrease in the maintenance season next year [82]. - Fuel Oil and Low - Sulfur Fuel Oil: Both are weak. The night - session of low - sulfur fuel oil is weaker than high - sulfur fuel oil, and the price difference between high and low - sulfur in the overseas spot market has rebounded slightly [84]. - Container Freight Index (European Line): The short - term sentiment is optimistic, and the medium - term is an oscillating market. The 2602 contract may see a price increase in January, but the high price is difficult to sustain. The 2604 contract is suitable for short - selling on rallies [86][98]. - Staple Fiber and Bottle Chip: Both face medium - term pressure. It is recommended to hold long TA and short PF/PR positions. The staple fiber futures have risen and then fallen, and the bottle chip factory price is mostly stable [100][101]. - Offset Printing Paper: It is advisable to wait and see. The spot price is stable, the demand is weak, and the cost - profit situation is not good [103]. - Pure Benzene: Short - term oscillation. The port inventory has increased, the downstream demand is weak in December and may improve in January, and the price is expected to oscillate between 5300 - 5700 yuan/ton [108][109].