Report Information - Report Name: PTA Daily Report [1] - Date: August 15, 2025 [2] Core View - The PTA market is expected to be weak as crude oil rebounds weakly, PTA supply is sufficient, downstream polyester sales are generally dull, and market confidence is insufficient [6] Market Review and Operation Suggestions - On the 14th, the closing price of the PTA main futures contract TA2509 was 4,640 yuan/ton, down 66 yuan/ton or 1.40%. The settlement price was 4,664 yuan/ton, and the daily position was reduced by 62,460 lots. The closing price of TA2601 was 4,666 yuan/ton, down 74 yuan/ton. The trading volume of TA2509 was 342,285 lots, a decrease of 62,460 lots, while the trading volume of TA2601 was 527,922 lots, an increase of 123,308 lots [6] Industry News - The International Energy Agency raised its supply forecasts for this year and next and lowered its demand growth forecast. After data showed an unexpected increase in US crude oil inventories last week, international oil prices fell for the second consecutive day. However, the decline narrowed after the US Treasury Secretary said that Trump could use sanctions in his meeting with Putin. On Wednesday (August 13), the settlement price of the September 2025 West Texas Intermediate crude oil futures on the New York Mercantile Exchange was $62.65 per barrel, down $0.52 or 0.82% from the previous trading day, with a trading range of $61.94 - $63.38. The settlement price of the October 2025 Brent crude oil futures on the London Intercontinental Exchange was $65.63 per barrel, down $0.49 or 0.74% from the previous trading day, with a trading range of $65.01 - $66.33 [7] - The assessed price of PX in the Chinese market was $823 - $825 per ton, down $8 per ton from the previous trading day. The assessed price of PX in the South Korean market was $803 - $805 per ton, also down $8 per ton from the previous trading day. Against the backdrop of tense geopolitical relations, international oil prices continued to run weakly, resulting in insufficient cost momentum for PX. There was one transaction on the day, with any October shipment sold at $824 per ton [7] - The PTA price in the East China market was 4,654 yuan/ton, down 39 yuan/ton. The average daily negotiation basis was at a discount of 14 yuan/ton to the futures contract 2509, down 1 yuan/ton [7] Data Overview - The report includes various data charts such as PTA futures price summary, spot-futures price difference, international crude oil futures main contract closing price, upstream raw material spot price, PX price, MEG price, PTA processing margin, TA5 - 9 spread, PTA warehouse receipt quantity, polyester factory load rate, PTA downstream product price, and PTA downstream product inventory, with data sources from Wind and the Research and Development Department of CCB Futures [11][13][17]

8月14日，国内期市能化板块多数飘绿。其中，PTA期货主力合约开盘报4692.00元/吨，今日盘中低位震 荡运行，早盘收跌2.92%；截至发稿，PTA主力最高触及4704.00元，下方探低4630.00元，跌幅达1.36% 附近。 目前来看，PTA行情呈现震荡下行走势，盘面表现偏弱。对于PTA后市行情将如何运行，相关机构观点 汇总如下： 宁证期货指出，PTA开工率回升，且虹港石化3期250万吨装置投产和7月三房巷（600370）320万吨装置 新产能投放，PTA供应端存在一定压力。下游8-9月为传统纺织旺季，随着秋冬订单集中下达，聚酯开 工率或回升至90%附近，但聚酯利润不佳，长丝FDY、瓶片、短纤产品现金流压缩严重，可能会影响后 续聚酯企业的生产积极性。PTA跟随原油震荡偏弱运行。 中财期货指出，PTA产能利用率较上一工作日+3.05%至76.70%，威联、嘉兴重启，海南检修。美国7月 CPI低于预期，9月降息预期强化，美元强势压制下油价下行，PX、PTA偏弱运行，下游聚酯需求弱现 实持续影响，聚酯产销维持淡季水平。PTA供需预计较上周有所好转，平衡表偏去库。聚酯样本企业综 合产销率42.94%，较上期下跌 ...

Core Viewpoint - The main futures contract for rapeseed meal experienced a sharp decline, reaching a low of 2617.00 yuan, with a current price of 2682.00 yuan, reflecting a drop of 1.94% [1] Group 1: Market Analysis - Chaos Tiancheng Futures suggests that short-term drivers are limited, and rapeseed meal may maintain a range-bound operation due to a relatively sufficient supply and a balanced demand-supply situation [2] - Ningzheng Futures anticipates that rapeseed meal prices will continue to experience a bearish trend in the short term, with stable import rhythms of raw materials and no significant positive news to support prices [3] - Zhonghui Futures notes that multiple factors are at play, with global rapeseed production recovering year-on-year, but there are risks of yield reductions for new crops. The domestic market shows a mixed inventory situation, with high levels of commercial stocks compared to last year [4] Group 2: Supply and Demand Dynamics - The demand from aquaculture provides some support for rapeseed meal prices, while limited arrivals of rapeseed at ports contribute to a tightening supply expectation [2] - The import of rapeseed from August to October is expected to be significantly lower year-on-year, compounded by a 100% import tariff on rapeseed meal, which supports prices despite the pressure from improved import profits [4] - The current market shows a significant substitution of soybean meal for rapeseed meal, indicating competitive dynamics in the feed market [4] Group 3: Future Considerations - Market participants should pay attention to changes in trade policies between China and Canada, as well as weather conditions affecting rapeseed planting, which could impact future prices [3][4] - The focus should also be on the adjustments in rapeseed data from the upcoming USDA report, which may influence market sentiment [4]

Report Information - Report Name: PTA Daily Report [1] - Date: August 12, 2025 [2] Market Review and Operation Suggestions - **Futures Market**: On the 11th, the closing price of the PTA main futures contract TA2509 was 4,706 yuan/ton, up 18 yuan/ton or 0.38%, with a settlement price of 4,708 yuan/ton and a daily reduction of 19,038 lots. The TA2601 contract closed at 4,732 yuan/ton, up 16 yuan/ton, with a trading volume of 253,884 lots, an increase of 21,317 lots [6]. - **Analysis**: Despite a slight decline in crude oil prices, the PTA market has maintenance expectations, and low processing fees support the spot market. Mixed long - and short - term news has led to a consolidating market [6]. Industry News - **Crude Oil**: European and American crude oil futures ended a six - day decline. Brent crude futures closed slightly higher, while WTI crude futures closed flat but had a significant weekly net decline. The September 2025 WTI crude futures settled at $63.88 per barrel, and the October 2025 Brent crude futures settled at $66.59 per barrel, up $0.16 or 0.24% [7]. - **PX Market**: The assessed price of the PX market in China was $833 - 835/ton, up $2/ton from the previous day; in South Korea, it was $813 - 815/ton, also up $2/ton [7]. - **PTA Market**: A PX and PTA plant in Shandong is restarting. The PTA price in the East China market was 4,698 yuan/ton, up 27 yuan/ton. The average daily negotiation basis was at a discount of 11 yuan/ton to the 2509 futures contract, up 6 yuan/ton [7]. Data Overview - The report includes data on international crude oil futures closing prices, upstream raw material spot prices, PX prices, MEG prices, PTA futures prices, basis, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipts, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories [11][13][17]

Group 1 - Industrial silicon futures experienced a significant upward trend, with the main contract closing at 9000, an increase of 415 or 4.83% from the previous day [1][3] - The trading volume for the main contract reached 662,196 lots, with an open interest of 271,943 lots, and a total open interest of 549,604 lots [1] - The market sentiment improved due to the rise in lithium carbonate prices, leading to a general increase in industrial silicon prices, although the overall supply remains relatively ample [3] Group 2 - Despite the price increase, actual demand remains weak, and there is a cautious sentiment among industry participants, leading to a slow destocking process [3][5] - The raw material market for polysilicon and organosilicon has remained stable, with no significant changes in market prices, although some companies are offering slight discounts to stimulate sales [6] - Future market trends will depend on the actual demand and production conditions across different regions [5][6]

Report Summary 1. Report Date - The report is dated August 11, 2025 [2] 2. Research Team - The energy and chemical research team includes researchers such as Li Jie (crude oil and fuel), Ren Junchi (PTA, MEG), Peng Haozhou (urea, industrial silicon), Peng Jinglin (polyolefins), Liu Youran (pulp), and Feng Zeren (glass and soda ash) [3] 3. Market Review and Operation Suggestions - On the 8th, the closing price of the PTA main futures contract TA2509 was 4,684 yuan/ton, down 24 yuan/ton or 0.51%, with a settlement price of 4,688 yuan/ton and a daily reduction of 32,353 lots. The closing price of TA2601 was 4,704 yuan/ton, down 34 yuan/ton, and the trading volume was 205,367 lots, an increase of 37,845 lots [5] - With the weak crude oil market and the possible continued sales by the main PTA suppliers, along with unconfirmed rumors of maintenance of some PTA plants in the Northeast, the PTA market is expected to decline slightly [5] 4. Industry News - Due to uncertainties surrounding US tariffs, sanctions against Russia, and OPEC+ production increases, European and American crude oil futures fell for the sixth consecutive trading day. On Thursday (August 7), the settlement price of WTI crude oil futures for September 2025 on the NYMEX was $63.88 per barrel, down $0.47 or 0.73%, and the settlement price of Brent crude oil futures for October 2025 on the ICE was $66.43 per barrel, down $0.46 or 0.69% [6] - The assessed price of PX in the Chinese market was $831 - 833 per ton, down $8 per ton from the previous trading day, and in the South Korean market, it was $811 - 813 per ton, also down $8 per ton. There was one transaction of any October shipment at $829 per ton [6] - The cost - end oil price is still in a downward channel. There are expectations of partial restart of domestic PX plants, while the possibility of an expansion in PTA production cuts on the demand side has increased the bearish sentiment in the market [6] - The PTA price in the East China market was 4,998 yuan/ton, down 12 yuan/ton. The average daily negotiation basis was a discount of 52 yuan/ton compared to the futures contract 2505, up 12 yuan/ton [6] 5. Data Overview - The report provides various data charts including international crude oil futures prices, upstream raw material spot prices, PX prices, MEG prices, PTA prices, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipts, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories, with data sources from Wind and the Research and Development Department of CCB Futures [10][12][18]

Core Viewpoint - The domestic soda ash futures market is experiencing a downward trend, with prices showing weak performance and a decline of approximately 1.99% as of the latest report [1]. Group 1: Market Performance - The main contract for soda ash opened at 1357.00 CNY/ton and fluctuated between a high of 1359.00 CNY and a low of 1321.00 CNY [1]. - The overall market sentiment is weak, influenced by macroeconomic factors, leading to a bearish outlook for soda ash prices [1]. Group 2: Supply and Demand Analysis - The supply side remains high with production levels continuing to recover, while demand is primarily driven by basic needs, resulting in a lack of sufficient support from fundamentals [1]. - The soda ash market is characterized by weak supply-demand dynamics, with external factors gradually losing their positive impact on market sentiment [1]. Group 3: Future Expectations - Analysts predict that soda ash prices will continue to exhibit wide fluctuations, with short-term sentiment remaining weak [1]. - The short-term outlook for the soda ash 01 contract suggests a range-bound movement, with resistance around the 1355 CNY level, and a recommendation to either observe or consider short positions [1].

1. Report Information - Report Title: PTA Daily Report [1] - Date: August 7, 2025 [2] - Research Team: Energy and Chemical Research Team [4] 2. Market Review and Operation Suggestions - **Futures Market Quotes**: On the 6th, the closing price of the PTA main futures contract TA2509 was 4,724 yuan/ton, up 46 yuan/ton (0.98%), with a settlement price of 4,702 yuan/ton and a daily reduction of 47,883 lots. The closing price of TA2601 was 4,754 yuan/ton, up 40 yuan/ton, with a trading volume of 275,150 lots, an increase of 47,001 lots [6]. - **Market Outlook**: Although the spot supply of PTA is sufficient, the crude oil market rebounded during the session, and there may be unplanned PTA plant maintenance under low processing fees. It is expected that the PTA market will rise slightly [6]. 3. Industry News - **Crude Oil**: The market focused on the production - cut plan of OPEC and its allies and downplayed the threat of US sanctions on oil buyers from a certain European country. European and American crude oil futures fell for four consecutive trading days. On August 5th, the settlement price of WTI crude oil futures for September 2025 on the New York Mercantile Exchange was $65.16 per barrel, down $1.13 (1.70%); the settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $67.64 per barrel, down $1.12 (1.63%) [7]. - **PX Market**: The price of the PX market in China was estimated at $843 - 845 per ton, up $5 per ton from the previous trading day; the price in the South Korean market was estimated at $823 - 825 per ton, also up $5 per ton. The cost - side oil price continued to run strongly. The domestic PX supply level was low, the demand side was performing well, and the buying enthusiasm in the market recovered. Two transactions were heard during the day, with any September cargoes traded at $848 and $849 per ton respectively [7]. - **PTA Market in East China**: The price of PTA in the East China market was 4,682 yuan/ton, up 18 yuan/ton. The average daily negotiation basis was at a discount of 20 yuan/ton to the futures contract 2509, down 6 yuan/ton [7]. 4. Data Overview - The report includes multiple data charts, such as international crude oil futures main contract closing prices, upstream raw material spot prices, PX prices, MEG prices, PTA price summaries, basis between futures and spot prices, PTA processing margins, TA5 - 9 spreads, PTA warehouse receipt quantities, polyester factory load rates, PTA downstream product prices, and PTA downstream product inventories. All data sources are from Wind and the Research and Development Department of CCB Futures [11][13][17]

Report Information - Report Name: MEG Daily Report [1] - Date: August 06, 2025 [2] - Research Team: Energy and Chemical Research Team of Jianxin Futures [4] Industry Investment Rating - Not provided Core View - The current supply - demand structure of ethylene glycol is weak overall, and with the weakening of macro - positive support, the price of ethylene glycol is expected to continue its weak trend in the short term [7] Summary by Directory 1. Market Review and Operation Suggestions - Futures Market: The closing price of EG2509 was 4399 yuan/ton, up 24 yuan; the closing price of EG2601 was 4426 yuan/ton, up 16 yuan. The trading volume of the main contract EG2509 was 104,974 lots, and the open interest was 224,036 lots, a decrease of 8500 lots. The open interest of EG2601 was 45,563 lots, an increase of 5251 lots [7] 2. Industry News - Oil Price: OPEC and its eight - nation production - limiting alliance agreed to further increase production significantly in September. International oil prices fell for the third consecutive day. On August 4, the settlement price of WTI crude oil futures for September 2025 was $66.29 per barrel, down $1.04 or 1.54%; the settlement price of Brent crude oil futures for October 2025 was $68.76 per barrel, down $0.91 or 1.31% [8] - Ethylene Glycol Market: In the Zhangjiagang ethylene glycol market, the spot negotiation price this week was 4475 - 4477 yuan/ton, up 18.5 yuan/ton from the previous working day. The basis of this week's spot was at a premium of 76 - 78 yuan/ton compared to EG2509 [8] - Industry Start - up: PX and ethylene glycol started stably. Affected by the full - load operation of the Ningbo PTA plant, the PTA start - up rate increased by 1.23 percentage points. Affected by the restart of the polyester staple fiber plant, the polyester start - up rate increased by 0.94 percentage points [8] 3. Data Overview - The report provides multiple data charts, including PTA - MEG price difference, MEG price, MEG futures price, spot - futures price difference, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory, etc. The data sources are Wind and Jianxin Futures Research and Development Department [10][15][16]

Report Industry Investment Rating No relevant information provided. Core Viewpoints The report provides a comprehensive overview of the futures market, including overnight and spot prices, important fundamental information on weather, international and domestic supply - demand, macro news, fund flows, and arbitrage tracking for commodities such as palm oil, soybeans, and related products. Specific Summaries by Section Overnight Quotes - The closing price of BMD Malaysian palm oil 10 was 4,218.00, with a previous - day decline of 1.39% and an overnight decline of 0.76% [1]. - Brent 10 (ICE) closed at 68.68, with a previous - day decline of 1.21% and an overnight decline of 0.85% [1]. - NYMEX US crude oil 09 closed at 66.24, with a previous - day decline of 1.52% and an overnight decline of 0.94% [1]. - CBOT US soybeans 11 closed at 994.50, with a previous - day increase of 0.66% and an overnight decline of 0.13% [1]. Spot Quotes - For DCE palm oil 2509, the spot price in North China was 8,920, with a basis of 120 and no change in basis from the previous day [2]. - For DCE soybean oil 2509, the spot price in Shandong was 8,330, with a basis of 80 and a basis decline of 2 from the previous day [2]. - For DCE soybean meal 2509, the spot price in Shandong was 2,900, with a basis of - 118 and a basis decline of 9 from the previous day [2]. Important Fundamental Information Weather in Production Areas - US soybean - producing states are expected to have above - normal temperature and precipitation from August 9 - 13 [4]. - The Midwest planting belt in the US will be mostly dry this week, with soil moisture remaining good. A front has passed, bringing cooler temperatures [6]. International Supply - Demand - Reuters survey shows that Malaysia's palm oil inventory in July 2025 is expected to be 2.25 million tons, an increase of 10.8% from June [8]. - As of June 30, 2025, 89.6% (5.03 million hectares) of Malaysia's oil palm plantations had MSPO certification [8]. - The US soybean good - to - excellent rate as of August 3, 2025, was 69%, in line with market expectations [10]. Domestic Supply - Demand - On August 4, 2025, the total trading volume of soybean oil and palm oil was 33,150 tons, a 25% decrease from the previous trading day [14]. - As of August 1, 2025, the total commercial inventory of three major oils in key regions in China was 2.3611 million tons, a 0.03% decrease from the previous week [14]. Macro News International News - The probability of the Fed keeping interest rates unchanged in September is 5.6%, and the probability of a 25 - basis - point rate cut is 94.4% [17]. - The US factory orders in June decreased by 4.8% month - on - month, in line with expectations [17]. Domestic News - On August 4, 2025, the central parity rate of the RMB against the US dollar was 7.1395, up 101 points (appreciation of the RMB) [19]. - On August 4, 2025, the central bank conducted 544.8 billion yuan of 7 - day reverse repurchase operations, resulting in a net injection of 49 billion yuan [19]. Fund Flows On August 4, 2025, the futures market had a net inflow of 778 million yuan, with a net inflow of 2.6 billion yuan in commodity futures and a net outflow of 1.822 billion yuan in stock index futures [21]. Arbitrage Tracking No specific content provided.