金信期货PTA乙二醇日刊-20260309

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - PTA: Crude oil drives the energy - chemical sector to strengthen. After the holiday, PTA plants restarted at an accelerated pace, inventory began to accumulate, and the downstream polyester operating rate recovered simultaneously. Supply and demand both strengthened. In the short term, PTA prices are expected to fluctuate following the cost side [3]. - MEG: Geopolitical situations dominate the stage - by - stage fluctuations of ethylene glycol prices, providing support to the cost. However, high inventory will limit the increase. Ethylene glycol also faces the direct risk of supply interruption. If the conflict persists, it may break the loose supply - demand pattern. From March, the inventory at the main ports is expected to start to decline. Attention should be paid to overseas situations and plant changes [4]. 3. Summary by Related Catalogs PTA - Main Contract: On March 9th, the PTA main futures contract TA605 rose 7.01%, and the basis was - 3 yuan/ton, an increase of 197 yuan/ton compared to the previous trading day [3]. - Fundamentals: The market price of PTA in East China today is 6295 yuan/ton, an increase of 425 yuan/ton compared to the previous trading day. Affected by the Iranian situation, the cost - side Brent crude oil rose significantly to over $110 per barrel. The PTA capacity utilization rate remained unchanged at 80.33% compared to the previous working day, and the factory inventory was 6.37 days, an increase of 0.9 days compared to last week [3]. - Main Force Movements: Long - position main forces increased their positions [3]. MEG - Main Contract: On March 9th, the ethylene glycol main futures contract eg2605 rose 7.99%, and the basis was 266 yuan/ton, an increase of 378 yuan/ton compared to the previous trading day [4]. - Fundamentals: The market price of ethylene glycol in East China today is 4810 yuan/ton, an increase of 545 yuan/ton compared to the previous trading day. The total inventory of MEG in the main ports of East China is 97.3 tons, an increase of 0.7 tons compared to the previous period [4]. - Main Force Movements: Short - position main forces reduced their positions [4].