PTA：高位震荡市;MEG：高位震荡市：对二甲苯：高位震荡市，多PX空PTA

Report Industry Investment Rating - The report does not provide an overall industry investment rating. However, specific trading strategies are suggested for PX, PTA, and MEG [5][6] Core Viewpoints - The markets of PX, PTA, and MEG are in a high - level volatile state. For PX, in the short - term, with geopolitical conflicts raising costs but no significant further increase in oil prices, it is recommended to exit long positions around 8200 - 8300 and reduce positions in the 5 - 9 month spread on rallies. In the medium - term, supply reduction will gradually materialize due to multiple PX device overhauls. The strategy of going long on PX and short on PTA can be continued. For PTA, the valuation has been restored, and it is necessary to be vigilant against the market's pull - back after a rally. Long positions should be exited around 5700 - 5800, and the 5 - 9 month spread positive arbitrage should be exited. The strategy of going long on PX and short on PTA should be continued. For MEG, long positions should be exited around 4200 - 4300, and there is support below 4000. The 5 - 9 month spread positive arbitrage should be exited. The supply of MEG is tightening, which supports its valuation [5][6][7] Summary by Related Catalogs Futures Market - PX: The PX2605 contract closed at 8088 yuan/ton, up 148 yuan/ton from the previous close, with a daily increase of 1.30%. The 5 - 9 month spread was 190, up 92 from the previous day [1][3] - PTA: The PTA2605 contract closed at 5694 yuan/ton, up 86 yuan/ton from the previous close, with a daily increase of 1.53%. The 5 - 9 month spread was 98, up 56 from the previous day [1][3] - MEG: The MEG main contract closed at 4078 yuan/ton, up 53 yuan/ton from the previous close, with a daily increase of 1.32%. The 5 - 9 month spread was - 7, up 41 from the previous day [1] - PF: The PF main contract closed at 7158 yuan/ton, up 80 yuan/ton from the previous close, with a daily increase of 1.13%. The 3 - 4 month spread was - 148, up 106 from the previous day [1] - SC: The SC main contract closed at 641.1 yuan/ton, up 68.8 yuan/ton from the previous close, with a daily increase of 12.02%. The 2 - 3 month spread was 5.2, up 16.9 from the previous day [1] Spot Market - PX: The CFR China price was 1026.83 US dollars/ton, up 7.66 US dollars/ton from the previous day. The PX - naphtha spread was 295.04 US dollars/ton, down 2.13 US dollars/ton from the previous day [1] - PTA: The spot price in East China was 5605 yuan/ton, up 70 yuan/ton from the previous day. The processing fee was 285.43 yuan/ton, down 90.45 yuan/ton from the previous day [1] - MEG: The spot price was 3974 yuan/ton, up 46 yuan/ton from the previous day. The 2026.2.26 - 2026.3.4 MEG monthly settlement reference price was 3791 yuan/ton; the 2026.3.1 - 2026.3.4 MEG monthly average price was 3897.67 yuan/ton [1][4] - Naphtha: The MOPJ price was 776.5 US dollars/ton, up 39.25 US dollars/ton from the previous day. The MOPJ naphtha - Dubai crude oil spread was - 4.34 US dollars/ton, unchanged from the previous day [1] - Brent: The Dated Brent price was 81.16 US dollars/barrel, down 3.71 US dollars/barrel from the previous day [1] Device and Production - A 770,000 - ton PX device in South Korea started scheduled maintenance on March 4 and is expected to restart in late April [1] - A 260,000 - ton direct - spinning polyester staple fiber device in Suzhou started heating up for restart today and is expected to produce products next week. A 250,000 - ton polyester device in Nantong has restarted and produced products this week. A 400,000 - ton polyester device in Shaoxing has delayed its start - up due to a melt valve failure and is expected to start up this weekend or early next week [4] Market Sales - On March 4, the overall sales of polyester yarn in Jiangsu and Zhejiang declined, with an estimated average sales rate of around 40% by 4 pm. The sales rates of several factories were 60%, 100%, 0%, 25%, 75%, 40%, 40%, 0%, 10%, 100%, 0%, 40%, 30%, 30%, 60%, 80%, 50%, 80% respectively [5] - On March 4, the sales of direct - spinning polyester staple fiber factories were average, with an average sales rate of 52% by 3 pm. The sales rates of some factories were 120%, 40%, 50%, 0%, 60%, 20%, 35%, 80%, 70% respectively [5] Trend Intensity - The trend intensity of p - xylene, PTA, and MEG is all 1, indicating a neutral trend [5]