金信期货PTA乙二醇日刊-20260304

Report Information - Report Name: Jinxin Futures PTA Ethylene Glycol Daily Journal [1] - Date: March 4, 2026 [1] PTA Analysis Market Conditions - On March 4, the PTA main futures contract TA605 rose 2.04%, and the basis was -47 yuan/ton, up 18 yuan/ton from the previous trading day [3]. - The market price of PTA in East China was 5605 yuan/ton, up 70 yuan/ton from the previous trading day [3]. Fundamentals - Affected by the Iranian situation, the cost - end Brent crude oil continued to rise above $84/barrel [3]. - PTA capacity utilization remained flat at 78.88% compared to the previous working day [3]. - Factory inventory was 5.47 days, up 1.46 days from last week [3]. Main Force Movements - Short - side main forces reduced their positions [3]. Trend Expectation - Crude oil drives the energy - chemical sector to strengthen. After the festival, PTA plants restarted at an accelerated pace, inventory began to accumulate, and the downstream polyester starting rate recovered synchronously. Supply and demand both strengthened. In the short term, PTA prices are expected to fluctuate following the cost end [3]. MEG Analysis Market Conditions - On March 4, the ethylene glycol main futures contract eg2605 rose 2.85%, and the basis was -104 yuan/ton, down 7 yuan/ton from the previous trading day [4]. - The market price of ethylene glycol in East China was 3974 yuan/ton, up 46 yuan/ton from the previous trading day [4]. Fundamentals - The total inventory of MEG in the main ports of East China was 92.64 tons, down 0.86 tons from the previous period [4]. Main Force Movements - Short - side main forces reduced their positions [4]. Trend Expectation - Geopolitical situations dominate the periodic fluctuations of ethylene glycol prices, providing a bottom - support for cost. However, high inventory will limit the increase. Ethylene glycol also faces the direct risk of supply interruption. If the conflict continues, it may break the loose supply - demand pattern of ethylene glycol. The inventory in the main ports is expected to decline in March. Attention should be paid to overseas situations and plant changes [4].