1. Investment Rating for the Industry No investment rating for the industry is provided in the report. 2. Core Views of the Report - The EG market remains weak under high supply pressure. The main EG contract closed at 3,901 yuan/ton, down 69 yuan/ton (-1.74%) from the previous trading day, and the spot price in the East China market was 3,995 yuan/ton, down 70 yuan/ton (-1.72%) [1]. - The production profit of ethylene - based EG was -$48/ton (down $5/ton), and that of coal - based syngas EG was -724 yuan/ton (down 67 yuan/ton) [1]. - MEG inventory in the main ports of East China increased. According to CCF data, it was 56.2 tons (up 3.9 tons), and according to Longzhong data, it was 49.9 tons (up 1.6 tons). The arrival plan this week is large, and inventory accumulation is expected [1]. - On the supply side, domestic ethylene glycol production is at a high level, and overseas supply losses are still significant with limited change in import expectations. On the demand side, the polyester downstream has moderately improved, but the increase in polyester load is limited [1]. - In the fourth quarter, there is a large pressure for inventory accumulation under high supply, with many production plans, and port inventory is expected to gradually rise [2]. 3. Summary According to the Directory Price and Basis - The main EG contract closed at 3,901 yuan/ton, down 69 yuan/ton (-1.74%) from the previous trading day, and the spot price in the East China market was 3,995 yuan/ton, down 70 yuan/ton (-1.72%). The spot basis in the East China market was 73 yuan/ton, down 3 yuan/ton [1]. Production Profit and Operating Rate - The production profit of ethylene - based EG was -$48/ton (down $5/ton), and that of coal - based syngas EG was -724 yuan/ton (down 67 yuan/ton) [1]. International Spread No specific content related to international spread is provided in the given text. Downstream Production and Sales and Operating Rate - With the recent cooling, the polyester downstream has moderately improved, but the increase in polyester load is limited [1]. Inventory Data - According to CCF data, MEG inventory in the main ports of East China was 56.2 tons (up 3.9 tons), and according to Longzhong data, it was 49.9 tons (up 1.6 tons). The arrival plan this week is large, and inventory accumulation is expected [1]. 4. Strategies - Unilateral: Cautiously short - sell on rallies for hedging. Under high supply, there is significant pressure for inventory accumulation in the fourth quarter, and port inventory is expected to gradually rise [2]. - Inter - period: Reverse spread of EG2601 - EG2605 [2]. - Inter - variety: No strategy is provided [2].

Report Information - Report Type: Asphalt Daily Report [1] - Date: November 5, 2025 [2] Report Summary Investment Rating No investment rating is provided in the report. Core View - The adjustment of oil prices and the weak supply and demand of asphalt may lead to a continued decline in asphalt prices [7]. Section Summaries 1. Market Review and Operation Suggestions - Futures Market: The BU2601 contract opened at 3228 yuan/ton, closed at 3193 yuan/ton, with a maximum of 3245 yuan/ton, a minimum of 3189 yuan/ton, a decline of 2.00%, and a trading volume of 174,100 lots. The BU2512 contract opened at 3228 yuan/ton, closed at 3198 yuan/ton, with a maximum of 3248 yuan/ton, a minimum of 3182 yuan/ton, a decline of 2.24%, and a trading volume of 26,400 lots [6]. - Spot Market: The spot prices of asphalt in North China, Shandong, South China, and Sichuan and Chongqing regions have declined, while the spot prices of asphalt in other regions are relatively stable. The continuous decline of asphalt futures has a negative impact on the spot price of asphalt [6]. - Supply: Some refineries have production reduction or shutdown plans, but the increase in production of other refineries will form a hedge, and the overall operating load rate is expected to remain basically the same [6]. - Demand: The demand side has begun to decline seasonally. The road projects in the Northeast and Northwest are coming to an end, and the rigid demand for asphalt is shrinking rapidly. The demand in North China and Shandong is only supported by some key projects, and the demand increment is scarce. The construction in the South is stable, but the slow consumption of resources highlights the weak demand. The lack of funds is still the core factor restricting the project progress, and the actual demand for asphalt continues to be weaker than expected [6]. 2. Industry News No industry news is provided in the report. 3. Data Overview - South China Market: The mainstream transaction price of 70A grade asphalt is 3350 - 3520 yuan/ton, a decrease of 10 yuan/ton compared with the previous working day. The price adjustment of Sinopec's asphalt road transportation has a negative impact on the market sentiment, and the decline of asphalt prices in the north has led to some resources seizing the South China sales area, resulting in a sporadic decline in the social inventory quotation in South China [10]. - Shandong Market: The mainstream transaction price of 70A grade asphalt is 3130 - 3620 yuan/ton, a decrease of 10 yuan/ton compared with the previous working day. Although the international oil price has risen slightly, the asphalt futures have continued to decline. The spot and contracts sold by futures - spot traders and the pre - sale of forward contracts by refineries have led to an oversupply of market offers and a continuous decline in asphalt prices [10].

Report Overview - The report is a daily report on soda ash and glass, dated November 5, 2025 [1][2] Industry Investment Rating - Not provided Core Viewpoints - Soda ash is expected to fluctuate weakly, with supply stable, inventory slightly decreasing, and potential demand changes due to production line shutdowns. Glass is in a game between "strong expectation" and "weak reality", with short - term price fluctuations and medium - term direction determined by fundamentals [8][9] Section Summaries 1. Soda Ash and Glass Market Review and Operation Suggestions - **Soda Ash Futures Data**: On November 4, SA601 opened low and closed at 1189 yuan/ton, down 21 yuan/ton (-1.73%), with 40,018 additional positions. SA605 closed at 1280 yuan/ton, down 20 yuan/ton (-1.53%) [7][8] - **Soda Ash Fundamentals**: Weekly production increased by 1.70 tons to 75.76 tons. Demand at the end of October showed an increase of 2.53%. Alkali plant inventory slightly decreased to 170.20 tons. Four coal - fired glass production lines in Shahe may affect demand, and the market may face oversupply in winter [8] - **Glass Futures Data**: FG601 closed at 1105 yuan/ton, up 2 yuan/ton (0.18%), with 105,499 fewer positions. FG605 closed at 1239 yuan/ton, down 7 yuan/ton (-0.56%) [7] - **Glass Fundamentals**: Four coal - fired production lines in Shahe will shut down. Glass supply is at a high level. Factory inventory is high, and real - estate demand is weak. The market is in a game between expectation and reality, with short - term price fluctuations [9] 2. Data Overview - The report provides data on soda ash and glass, including active contract price trends, weekly production, and enterprise inventory, with data sources from Wind, iFind, and the research and development department of CCB Futures [12][15]

Group 1: Report Overview - Report Title: Polyolefin Daily Report [1] - Date: November 5, 2025 [2] - Research Team: Energy and Chemical Research Team [4] Group 2: Market Quotes - Futures Market Quotes: Plastic 2601 opened at 6888 yuan/ton, closed at 6879 yuan/ton, down 33 yuan/ton (-0.48%); PP2601 closed at 6560 yuan/ton, down 43 yuan/ton (-0.65%) [5] Group 3: Market Review and Outlook - Market Performance: Futures opened lower and fluctuated, downstream procurement was on - demand, and actual transactions were negotiated individually [6] - Supply Situation: In October, Guangxi Petrochemical's device produced products smoothly, and there are no new production plans in November. Some maintenance devices will restart, and PP maintenance losses will decline month - on - month [6] - Demand Situation: Agricultural film production reached a seasonal peak and declined, pipe demand increased first and then decreased, PP woven production was boosted by packaging demand, and BOPP enterprises focused on inventory digestion [6] - Price Trend: Polyolefin prices are expected to remain under pressure, and may be weakly supported by phased restocking demand due to low absolute prices, but will generally fluctuate in the bottom range [6] Group 4: Industry News - Inventory Level: On November 4, 2025, the inventory level of major producers was 69.5 million tons, a decrease of 1.5 million tons (-2.11%) from the previous working day, compared with 72 million tons in the same period last year [7] - PE Market: PE market prices continued to be weak, with LLDPE prices in different regions ranging from 6830 - 7500 yuan/ton [7] - Propylene Market: The mainstream price of propylene in Shandong was 5830 - 5840 yuan/ton, down 5 yuan/ton from the previous day. Some PDH device maintenance supported supply, but downstream demand declined [7] - PP Market: The PP market was weakly sorted, with some prices down 20 - 30 yuan/ton, and mainstream prices in different regions ranging from 6360 - 6610 yuan/ton [8] Group 5: Data Overview - Data Graphs: Include L basis, PP basis, L - PP spread, crude oil futures settlement price, two - oil inventory, and two - oil inventory year - on - year change graphs [15][17][18]

Report Summary 1. Report Industry Investment Ratings No relevant content provided. 2. Core Views - On November 4, the price of the soybean meal futures 2601 contract declined, mainly due to the obvious pattern of loose domestic supply - demand and the resonance effect of market expectation adjustment. The contract price will remain under pressure in the short - term, and short - selling opportunities should be grasped [3][6]. - The A - share market is expected to continue high - level oscillations. Gold shows signs of stabilization after more than a week of adjustment and low - buying for long positions is recommended. Iron ore is expected to decline in the short - term and should be regarded as oscillating bearishly. Glass will likely maintain an oscillating trend in the short - term. Paper pulp is expected to run weakly and should be treated as low - level oscillations [9][14][16][20][27]. 3. Summary by Related Catalogs Soybean Meal - The decline of the soybean meal futures 2601 contract price on November 4 was due to the loose domestic supply - demand pattern and market expectation adjustment. Supply - side pressure is the primary suppressing factor, with high expected soybean imports from September to December, high arrivals in November, and increasing oil mill operating rates leading to continuous inventory accumulation. The unimplemented soybean meal import agreement with Argentina has formed an expected supply increase. On the demand side, the planned reduction of the breeding sow inventory and restrictions on the slaughter scale of leading enterprises have led to weak demand. In the short - term, the contract price will be under pressure, and attention should be paid to domestic de - stocking progress and South American soybean sowing. The domestic oil mill soybean crushing volume has remained high recently, with light downstream transactions. It is expected that the oil mill operating rate will still be high in November, with a monthly soybean crushing volume of about 9 million tons and soybean meal output of about 7 million tons, higher than the average November consumption in the past three years. The oil mill soybean meal inventory is expected to rise above 1.2 million tons by the end of November, and short - selling opportunities should be grasped [3][4][5][6][23]. Stock Index Futures - The A - share market had an overall intraday pattern of rising and then falling, with a small decline at the end. The Fed's statement on a possible December interest - rate cut is still uncertain. The market is expected to continue high - level oscillations [9]. Gold - After more than a week of adjustment, gold shows signs of stabilization, and low - buying for long positions is recommended [14]. Iron Ore - After the holiday, the terminal situation has not actually improved, and molten iron output may decline periodically. Technically, it has fallen near the previous high and should be regarded as oscillating bearishly. In the short - term, supply is affected by long - term agreement negotiations and accidents, but in the long - term, supply is expected to be loose with the commissioning of the Simandou project [16][17]. Glass - The daily melting volume has changed little, and inventory has decreased this week. The subsequent driving factors mainly lie in policy - side stimulus and anti - involution policies for supply - side clearance. Technically, it rebounded slightly today and is expected to maintain an oscillating trend in the short - term [20]. Paper Pulp - The pulp price in Shandong has remained stable. Although downstream paper mills' price increases have boosted the pulp price, the supply - demand fundamentals have not changed significantly, port de - stocking is lower than expected, and the purchasing side is cautious. It is expected to run weakly and should be treated as low - level oscillations [27].

Report Summary 1. Report Industry Investment Rating There is no information provided about the industry investment rating in the report. 2. Report Core Views - **Methanol**: The current situation remains poor. Iranian shutdowns are slower than expected, and November is likely to see high imports. The contradiction in the 01 contract is difficult to resolve. The issue of port sanctions is expected to be resolved before the end of gas restrictions, but inventory depletion is difficult. Methanol has limited upside potential, and the downside space depends on the situation in the inland region. Recently, coal prices have strengthened, but it does not affect profits [1]. - **Polyethylene (PE)**: Overall inventory is neutral. The 09 contract basis is around -110 in North China and -50 in East China. Import profits are around -200 with no further increase for now. Non - standard HD injection prices are stable, and other price differentials are volatile. Domestic linear production has decreased recently. Attention should be paid to LL - HD conversion and US quotes. New device pressure is high in 2025 [6]. - **Polypropylene (PP)**: Upstream and mid - stream inventories are decreasing. The basis is -60, non - standard price differentials are neutral, and import losses are around -700. Exports have been good this year. PDH profits are around -400, and propylene prices are volatile. Future supply is expected to increase slightly. In the context of over - capacity, the 01 contract is under moderate to excessive pressure, which can be alleviated if exports continue to increase or PDH device maintenance is frequent [6]. - **Polyvinyl Chloride (PVC)**: The basis remains at 01 - 270, and the factory - delivery basis is -480. Downstream开工率 is seasonally weak, and there is a strong willingness to hold goods at low prices. Mid - and upstream inventories are accumulating. Attention should be paid to production implementation and export sustainability in Q4. Current static inventory contradictions are accumulating slowly, and costs are stable [6]. 3. Summary by Commodity Methanol - **Price Data**: From October 29 to November 4, 2025, the power coal futures price remained at 801. The Southwest delivered - price decreased by 40 on November 4 compared to the previous data point, and the盘面MTO profit decreased by 5 [1]. - **Market Situation**: Iranian shutdowns are slower than expected, leading to high imports in November. Port sanctions are expected to be resolved before the end of gas restrictions, making inventory depletion difficult. Coal price increases do not affect methanol profits [1]. Polyethylene (PE) - **Price Data**: From October 29 to November 4, 2025, the Northeast Asia ethylene price remained stable at some points, and the LL主力期货 price decreased by 9 on November 4 compared to the previous data point. The basis in North China is around -110, and in East China is around -50 [6]. - **Inventory and Production**: Overall inventory is neutral. Upstream and downstream inventories are in a neutral state. Domestic linear production has decreased recently, and 9 - month maintenance is flat compared to the previous period [6]. - **Market Outlook**: Attention should be paid to LL - HD conversion, US quotes, and new device commissioning [6]. Polypropylene (PP) - **Price Data**: From October 29 to November 4, 2025, the Shandong propylene price remained stable on November 4 compared to the previous day, and the主力期货 price decreased by 16. The basis increased by 30 [6]. - **Inventory and Production**: Upstream and mid - stream inventories are decreasing. PDH profits are around -400, and propylene prices are volatile. Future supply is expected to increase slightly [6]. - **Market Outlook**: In the context of over - capacity, the 01 contract is under moderate to excessive pressure, which can be alleviated if exports continue to increase or PDH device maintenance is frequent [6]. Polyvinyl Chloride (PVC) - **Price Data**: From October 29 to November 4, 2025, the Northwest calcium carbide and Shandong caustic soda prices remained stable. The calcium carbide - based PVC price in East China decreased by 10 on November 4 compared to the previous data point, and the basis remained unchanged [6]. - **Market Situation**: Downstream开工率 is seasonally weak, and mid - and upstream inventories are accumulating. Attention should be paid to production implementation and export sustainability in Q4 [6].

Core Insights - The training session titled "DCE·Industry Action - Futures Derivatives Market Serving Yichang's High-Quality Development" was successfully held in Yichang, Hubei, focusing on key industrial chains such as modern chemical new materials, life health, new energy, and high-end equipment [1] - The event aimed to enhance companies' capabilities in utilizing futures and derivatives, injecting new momentum into Yichang's industrial high-quality development [1] - Yichang's GDP is projected to exceed 600 billion yuan in 2024, highlighting the urgent need for manufacturing quality improvement [1] Group 1 - The Dalian Commodity Exchange (DCE) emphasizes that serving the real economy is fundamental to the futures market, aiming to optimize contract rules and delivery systems to better assist enterprises [1][2] - DCE has implemented various initiatives in Hubei, such as establishing industrial-financial bases and conducting one-on-one training for leading enterprises, transforming many companies from observers to active participants in the futures market [2] - The collaboration between Yichang's solid industrial foundation and DCE's comprehensive market system is expected to facilitate financial resources flowing into the industrial sector, benefiting more enterprises [2] Group 2 - The training included a comprehensive overview of the futures and derivatives market, highlighting the core concepts and functionalities, such as price discovery, risk management, and resource allocation [3] - The evolution of risk management strategies from basic hedging to more sophisticated quantitative tools was discussed, along with practical experiences in using futures contracts for cost and profit stabilization [3] - The training also covered the professional requirements and auditing points of hedge accounting, emphasizing the importance of distinguishing between hedging and speculative trading [4] Group 3 - DCE plans to deepen cooperation with the Yichang government through specialized training and the construction of industrial-financial bases to better serve the economic development of Yichang [4]

Report Industry Investment Ratings - Cotton: Neutral (White star) [1] - Pulp: Neutral (White star) [1] - Sugar: Neutral (White star) [1] - Apple: Slightly bearish (One star) [1] - Timber: Neutral (White star) [1] - 20 - rubber: Neutral (White star) [1] - Natural rubber: Bullish (Three stars) [1] - Butadiene rubber: Neutral (White star) [1] Core Views - The short - term trend of Zhengzhou cotton may be volatile, and it is advisable to wait and see for now [2] - Sugar prices are expected to remain weak, and attention should be paid to policy implementation and weather conditions [3] - Apple prices are high with insufficient bullish factors, and attention should be paid to the storage situation [4] - The rubber market sentiment is pessimistic, and it is advisable to wait and see while paying attention to cross - variety arbitrage opportunities [6] - The short - term fundamentals of pulp are weak, and mid - term conditions may improve; it is advisable to wait and see or conduct short - term operations [7] - Low inventory provides some support for log prices, and it is advisable to wait and see [8] Summary by Categories Cotton & Cotton Yarn - Zhengzhou cotton declined today, and the spot sales basis of cotton remained stable. As of November 1, the cumulative national cotton inspection volume was 1.844 million tons. The spot trading was mediocre, and the downstream pure - cotton yarn followed the price increase weakly. The trading in the general cotton yarn market became dull. It is recommended to wait and see for now [2] Sugar - Overnight, US sugar fluctuated. In Brazil, the production data in the first half of October was neutral. In China, Zhengzhou sugar was relatively strong. There are expectations of syrup import control policies, and the market's trading focus has shifted to the next season's production estimate. Sugar prices are expected to remain weak [3] Apple - The futures price dropped significantly. The market's trading logic has shifted from cold - storage inventory volume to sales expectations. The inventory progress in Shandong is slow, and the initial cold - storage inventory of apples in the new season is uncertain. The high price and poor quality of apples this year may affect the destocking speed. It is recommended to wait and see [4] 20 - rubber, Natural rubber & Synthetic rubber - Today, RU, NR, and BR all declined. The domestic natural rubber spot price rose steadily, while the synthetic rubber spot price continued to fall. The global natural rubber supply has entered the high - yield period, and the domestic butadiene rubber plant operating rate declined significantly last week. The domestic tire operating rate increased slightly, and the finished - product inventory of tire enterprises continued to increase. Rubber inventory has increased, and it is recommended to wait and see while paying attention to cross - variety arbitrage opportunities [6] Pulp - Today, pulp futures declined slightly, and the spot prices remained stable. As of October 30, 2025, the mainstream import sample inventory of Chinese pulp was 2.061 million tons, a cumulative increase of 6,000 tons from the previous period. The domestic pulp import volume in September increased year - on - year. The short - term fundamentals are weak, and mid - term conditions may improve. It is advisable to wait and see or conduct short - term operations [7] Log - The futures price was weak. The supply of logs is expected to remain low in the short term, and the demand provides some support for prices. The total log inventory is low, and it is recommended to wait and see [8]

Report Summary 1. Report Industry Investment Rating - No relevant content provided. 2. Core Viewpoints - **Rubber**: On Tuesday, the domestic Shanghai rubber futures contract 2601 showed a trend of increasing volume and open interest, weakening in oscillation, and slightly declining. The price center moved down to below 14,900 yuan/ton during the session and closed 1.42% lower at 14,875 yuan/ton. The 1 - 5 month spread discount widened to 85 yuan/ton. After the weakening of macro - driving factors, the domestic rubber market returned to a situation dominated by supply - demand fundamentals [6]. - **Methanol**: On Tuesday, the domestic methanol futures contract 2601 showed a trend of decreasing volume, increasing open interest, weakening in the downward direction, and slightly closing lower. The price reached a maximum of 2,143 yuan/ton and a minimum of 2,105 yuan/ton, closing 1.86% lower at 2,115 yuan/ton. The 1 - 5 month spread discount widened to 110 yuan/ton. Suppressed by the weak supply - demand fundamentals of domestic methanol, the 2601 contract is expected to maintain a weak pattern in the future [6]. - **Crude Oil**: On Tuesday, the domestic crude oil futures contract 2512 showed a trend of decreasing volume and open interest, weakening in oscillation, and slightly closing lower. The price reached a maximum of 468.4 yuan/barrel and a minimum of 462.9 yuan/barrel, closing 0.37% lower at 463.5 yuan/barrel. With the rapid escalation of geopolitical risks in South America, the premium of domestic and foreign crude oil futures increased. Meanwhile, OPEC's suspension of production capacity expansion in the first quarter of next year led to changes in supply expectations, boosting the confidence of oil market bulls [6]. 3. Summary by Directory 3.1 Industry Dynamics - **Rubber**: As of November 2, 2025, the total inventory of natural rubber in bonded and general trade in Qingdao was 447,700 tons, a week - on - week increase of 15,400 tons or 3.57%. The bonded area inventory was 68,300 tons, a decrease of 0.58%, and the general trade inventory was 379,400 tons, an increase of 4.36%. In the week of October 31, 2025, the capacity utilization rate of China's semi - steel tire sample enterprises was 73.4%, a slight week - on - week increase of 0.56 percentage points and a year - on - year significant decrease of 5.90 percentage points. The capacity utilization rate of China's full - steel tire sample enterprises was 65.30%, a slight week - on - week decrease of 0.57 percentage points and a year - on - year slight decrease of 3.20 percentage points. In September 2025, China's logistics industry prosperity index was 51.2%, a 0.3 - percentage - point increase from the previous month. In September, China's automobile production and sales were 3.276 million and 3.226 million vehicles respectively, with year - on - year increases of 17.1% and 14.9%. In September 2025, the sales volume of China's heavy - truck market was 105,000 vehicles, a year - on - year significant increase of about 82% and a month - on - month increase of 15% [8][9]. - **Methanol**: As of the week of October 31, 2025, the average domestic methanol operating rate was 83.88%, a slight week - on - week increase of 1.67%, a slight month - on - month increase of 1.17%, and a slight year - on - year increase of 1.78%. The average weekly methanol production in China reached 1.9681 million tons, a slight week - on - week increase of 24,600 tons, a significant month - on - month increase of 95,400 tons, and a significant year - on - year increase of 85,100 tons compared with 1.883 million tons last year. The inventory of methanol in ports in East and South China was 1.2829 million tons, a slight week - on - week increase of 13,100 tons, a slight month - on - month increase of 14,800 tons, and a significant year - on - year increase of 261,900 tons [10][11]. - **Crude Oil**: As of the week of October 31, 2025, the number of active oil drilling platforms in the United States was 420, a slight week - on - week decrease of 6 and a decrease of 65 compared with the same period last year. As of the week of October 24, 2025, the average daily crude oil production in the United States was 13.644 million barrels, a slight week - on - week increase of 15,000 barrels/day and a significant year - on - year increase of 144,000 barrels/day. The commercial crude oil inventory in the United States (excluding strategic petroleum reserves) was 416 million barrels, a significant week - on - week decrease of 6.858 million barrels and a significant year - on - year decrease of 9.543 million barrels [14]. 3.2 Spot Price Table | Variety | Spot Price | Change from Previous Day | Futures Main Contract | Change from Previous Day | Basis | Change | | --- | --- | --- | --- | --- | --- | --- | | Shanghai Rubber | 14,650 yuan/ton | - 150 yuan/ton | 14,875 yuan/ton | - 220 yuan/ton | - 225 yuan/ton | + 220 yuan/ton | | Methanol | 2,125 yuan/ton | - 50 yuan/ton | 2,115 yuan/ton | - 28 yuan/ton | + 10 yuan/ton | - 28 yuan/ton | | Crude Oil | 435.7 yuan/barrel | + 0.1 yuan/barrel | 463.5 yuan/barrel | - 4.4 yuan/barrel | - 27.8 yuan/barrel | + 4.5 yuan/barrel | [16] 3.3 Related Charts - **Rubber**: The report includes charts such as rubber basis, Shanghai Futures Exchange rubber futures inventory, full - steel tire operating rate trend, etc. [17][19][21] - **Methanol**: No detailed description of chart content is provided, only chart names like methanol basis, methanol port inventory in China, etc. are mentioned [30][32] - **Crude Oil**: The report includes charts such as crude oil basis, US commercial crude oil inventory, WTI crude oil net position holding change, etc. [43][45][47]

Report Information - Report Title: Jinxin Futures PTA Ethylene Glycol Daily [1] - Date: November 4, 2025 [1] PTA Analysis Market Conditions - On November 4, the PTA main futures contract TA2601 fell 0.04%, with a basis of -86 yuan/ton, up 20 yuan/ton from the previous day [3] - The market price of PTA in East China was 4,510 yuan/ton, down 30 yuan/ton from the previous trading day [3] Fundamentals - The crude oil price in the cost - end showed a narrow - range oscillation. The PTA capacity utilization rate was 78.34%. There were many maintenance and changes of devices under low processing fees recently [3] - The inventory days of PTA factories in the week were 4.03 days, a decrease of 0.04 days compared to the previous period [3] Main Force Trends - There was a divergence between long and short main forces [3] Market Outlook - In the short term, the PTA device operating rate decreased slightly, the inventory accumulation pressure was relieved, and the spot processing fee was running at a low level of about 150 yuan/ton. The supply was still in excess, while the downstream polyester operating rate rebounded. It is expected that the PTA market will follow the cost - end and oscillate strongly in the short term [3] MEG Analysis Market Conditions - On November 4, the ethylene glycol main futures contract eg2601 fell 2.47%, with a basis of 80 yuan/ton, down 10 yuan/ton from the previous day [4] - The market price of ethylene glycol in East China was 4,010 yuan/ton, down 80 yuan/ton from the previous trading day [4] Fundamentals - The crude oil price in the cost - end showed a narrow - range oscillation. The production gross profit losses of oil - based and coal - based ethylene glycol further expanded. The total inventory of MEG ports in East China in the week was 49.9 tons, an increase of 1.6 tons compared to the previous period [4] Main Force Trends - The long main force reduced positions [4] Market Outlook - The expected arrival volume of ethylene glycol in the future is expected to increase, and there is an expectation of inventory accumulation in the far - month. Recently, some ethylene glycol devices have been under maintenance and restarted, and there are still new device trial - run plans in the future, with an expected increase in the supply side. Although the terminal orders increased during the Double Eleven period, the peak demand season is coming to an end. It is expected that the price center of ethylene glycol will oscillate weakly in the short term [4]