金信期货PTA乙二醇日刊-20260121

Report Information - Report Title: Jinxin Futures PTA Ethylene Glycol Daily - Report Date: January 21, 2026 - Report Author: Jinxin Futures Research Institute [1] PTA Analysis Market Performance - On January 21, the PTA主力期货合约 TA605 rose 1.50%, and the basis strengthened to -61 yuan/ton [2] Fundamental Information - The market price of PTA in East China was 5095 yuan/ton, up 85 yuan/ton from the previous trading day. The Brent crude oil in the cost side fluctuated around 64 US dollars/barrel. The PTA capacity utilization rate remained flat at 75.83% compared with the previous working day. A new material plant reduced its load for maintenance, and a Xin Fengming plant restarted. The weekly PTA factory inventory days were 3.62 days, a week-on-week increase of 0.02 days [3] Main Force Trends - Short - side main forces increased their positions [3] Trend Expectation - The current PTA processing fee is at a high level, but there are no plans to further increase the load of PTA plants. The inventory of terminal weaving is accumulating. Pay attention to the early holiday situation of polyester factories before the Spring Festival. It is expected that terminal demand will weaken before the end of January. The market is generally bullish on upstream PX. It is expected that the PTA price will fluctuate at a high level following the cost side [3] MEG (Ethylene Glycol) Analysis Market Performance - On January 21, the ethylene glycol主力期货合约 eg2605 fell 0.59%, and the basis strengthened to -100 yuan/ton [4] Fundamental Information - The market price of ethylene glycol in East China was 3581 yuan/ton, down 14 yuan/ton from the previous trading day. The coal price in the cost side was under pressure. The total inventory of MEG in the main ports of East China was 73.6 tons, an increase of 0.8 tons compared with last Thursday [4] Main Force Trends - There were differences between long - side and short - side main forces [4] Trend Expectation - The domestic ethylene glycol operating rate is still relatively high, and the port inventory is high, resulting in a large supply pressure. Many overseas plants have maintenance plans in the future, but it is expected that the operating rate of downstream polyester will decline. It is expected that the ethylene glycol price will still fluctuate at the bottom in the short term [4]