Supply and Demand - Domestic PX operating rates decreased slightly to 83.8% (-1.8%) while Asian PX operating rates fell to 73% (-1.3%) [2] - Yisheng New Materials reduced its operating capacity to 3.6 million tons, leading to PTA operating rates dropping to 77.7% (-1.4%) [2] Market Outlook - Despite geopolitical tensions in the Middle East, the likelihood of escalation remains low, with limited support for oil prices from OPEC+ expected to increase production in August [3] - Domestic PX facilities are anticipated to undergo maintenance in July, while downstream PTA and polyester operating rates are relatively high, alongside new PTA production expected in Q3, indicating a tight supply-demand balance for PX [3] - PXN is recovering to around $300/ton, which may lead to delays in maintenance plans for some facilities, but weak terminal demand and limited oil price support may restrict PX rebound potential [3] - Short-term PX price is expected to fluctuate within the range of 6600-6900, with caution advised near the upper boundary [3] Pricing and Cost - On June 30, Asian PX prices increased by $6/ton to $874/ton, equivalent to 7211 RMB/ton, while PXN was around $301/ton [1] - PX prices remained under pressure from raw material trends, with the market showing a relatively strong trading atmosphere despite some fluctuations [1]

油价触及盘中高点，此前报道称伊朗铀库存完好无损。 ...

Investment Chain - Since June, prices of copper, aluminum, lead, tin, and silver have increased. In May 2025, the cumulative year-on-year growth rate of fixed asset investment decreased to 3.70%, while the decline in real estate development investment narrowed to -10.70%. The cumulative year-on-year growth rate of manufacturing fixed asset investment fell to 8.50%, and infrastructure investment decreased to 10.42% [4][8] - In June 2025, prices of copper, aluminum, lead, tin, and silver have risen, while prices of gold, zinc, and nickel have decreased. The price of thermal coal slightly decreased to 663 RMB/ton, and the price of coking coal also slightly declined. The average price of ordinary cement saw a minor decrease, while steel prices have risen [4][8] Consumption Chain - The cumulative year-on-year growth rate of social consumption has increased, with automobile sales showing a year-on-year growth rate of 11.15% in May 2025. The nominal year-on-year growth rate for May 2025 rebounded to 6.40%, and the cumulative nominal year-on-year growth rate rose to 5.00% [4][9] - The cumulative year-on-year growth rate of commercial housing sales area saw a larger decline, dropping to -3.62%. The retail sales of home appliances in May 2025 increased significantly, with a year-on-year growth rate of 56.98% [4][9] Export Chain - In May 2025, the year-on-year growth rate of export amounts to the United States, Japan, and ASEAN decreased, while the growth rate of exports to the European Union increased. The cumulative year-on-year growth rate of exports for toys, lamps, coke, coal, steel, ships, plastics, and auto parts rose, while the growth rates for agricultural products, furniture, refined oil, crude oil, and aluminum decreased [4][10] - The OECD leading indicator for the United States fell to 100.26 in May 2025. The electronic export amount's year-on-year growth rate increased to 21.17%, while the textile and clothing export amount's growth rate decreased to 1.98% [4][10] Price Chain - Oil prices have risen, with WTI reaching 64.37 USD/barrel on June 24, 2025. The price of PVC dropped to 4680 RMB/ton, and the prices of pure MDI and polymer MDI decreased to 17100 RMB/ton and 16200 RMB/ton, respectively [4][11] - The price of pork decreased to 14.45 RMB/kg on June 11, 2025, while cotton prices increased and sugar prices decreased. The increase in new credit in May 2025 reached 620 billion RMB, and the year-on-year growth rate of life insurance premium income rose to 1.15% [4][11]

英国央行行长贝利：油价夜间发生重大转变。 ...

印度卢比兑美元汇率升破86，涨幅达0.9%，因油价下跌。 美元/印度卢比 ...

金十数据6月20日讯，当被问及油价时，白宫新闻秘书莱维特表示，美国一直在尽力压低油价，特朗普 正在权衡各种因素并监测油价。 特朗普正在监测油价 ...

德国财长：密切关注油价的变化。 ...

俄罗斯总统普京：当前油价允许俄罗斯企业进行投资。 ...

Core Viewpoint - Any geopolitical policies that could potentially raise oil prices and inflation may yield to Trump's primary objective of maintaining low energy prices [1] Group 1 - Geopolitical policies impacting oil prices and inflation are under scrutiny [1] - Trump's influence is significant in shaping energy price policies [1] - The focus remains on balancing geopolitical tensions with energy price stability [1]

Group 1 - The yield on India's 10-year government bonds increased by 3 basis points to 6.37% [1] - The Indian Rupee depreciated by 0.7% against the US Dollar [1] - The rise in oil prices is cited as a contributing factor to these financial movements [1]