金信期货PTA乙二醇日刊-20260114

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - PTA price is expected to fluctuate at a high level following the cost side, while ethylene glycol price is expected to remain in a bottom - level oscillation in the short term [3][4] 3. Summary by Related Catalogs PTA - Main Contract: On January 14, the PTA main futures contract TA605 declined by 0.23%, and the basis weakened to - 76 yuan/ton [2] - Fundamentals: The market price of PTA in East China was 5070 yuan/ton, up 12 yuan/ton from the previous trading day. Brent crude oil rose to around 64 dollars/barrel over the weekend. PTA capacity utilization decreased by 0.65% to 76.76%. The weekly PTA factory inventory days were 3.60 days, a decrease of 0.05 days compared to the previous period [3] - Main Force Trends: There are differences between long and short main forces [3] - Trend Expectations: PTA processing fees are at a high level, but there are no plans to further increase the load of PTA plants. Terminal weaving inventory is accumulating. Terminal demand is expected to weaken before the end of January. The market is generally bullish on upstream PX, and PTA price is expected to fluctuate at a high level following the cost side [3] MEG (Ethylene Glycol) - Main Contract: On January 14, the ethylene glycol main futures contract eg2605 rose by 0.94%, and the basis strengthened to - 142 yuan/ton [4] - Fundamentals: The market price of ethylene glycol in East China was 3718 yuan/ton, up 36 yuan/ton from the previous trading day. The prices of crude oil and coal rebounded. The total inventory of MEG in the main ports of East China was 73.7 tons, an increase of 4.7 tons compared to the previous period [4] - Main Force Trends: There are differences between long and short main forces [4] - Trend Expectations: There are still many arrivals of ethylene glycol in the near future, and seasonal inventory accumulation continues. Although there are maintenance plans for multiple overseas plants in the future, the downstream polyester start - up is expected to decline. The ethylene glycol price is expected to remain in a bottom - level oscillation in the short term [4]