Report Information - Report Title: PTA&MEG Morning Report - November 10, 2025 [1] - Author: Jin Zebin from Dayue Futures Investment Consulting Department [1] - Investment Consulting Qualification Number: Z0015557 [1] - Contact Information: 0575 - 85226759 [1] Core Views PTA - In the near term, PTA plant operations have seen more changes, mostly planned. The spot market negotiation atmosphere is rather dull, mainly among traders with few actions from polyester factories. The spot basis is running at a low level near the risk - free arbitrage range. Market sentiment is cautious. Prices are expected to fluctuate following the cost side in the short term, and attention should be paid to plant operation changes [5]. MEG - Last week, the unloading of foreign MEG vessels was smooth, and it is expected that the visible inventory will increase significantly early next week. Some vessels are postponed, and the arrival plan around the middle of the month is still moderately high. The monthly import volume is expected to recover to around 680,000 tons. In terms of demand, the current polyester load is maintained at around 91.3%, and the rigid demand support is fair. The current port inventory is at a moderate level. In the short - term, prices may still adjust repeatedly due to factors such as plant operations and deliveries. However, in the long - term, the market will be under pressure due to the expected inventory build - up. Attention should be paid to cost - side changes [7]. Summary by Directory 1. Previous Day's Review - No specific content provided in this regard. 2. Daily Tips PTA - **Fundamentals**: On Friday, November cargo was negotiated and traded at a discount of 75 - 80 to the 01 contract, with the price negotiation range around 4,550 - 4,580. The current mainstream spot basis is 01 - 78, indicating a neutral situation [6]. - **Basis**: The spot price is 4,572, and the 01 contract basis is - 92, with the futures price at a premium, a neutral situation [6]. - **Inventory**: PTA plant inventory is 4.09 days, a week - on - week increase of 0.06 days, which is bearish [6]. - **Market Trend**: The 20 - day moving average is upward, and the closing price is above the 20 - day moving average, which is bullish [6]. - **Main Position**: The net short position is decreasing, which is bearish [6]. MEG - **Fundamentals**: On Friday, the price of ethylene glycol fluctuated steadily, and the market negotiation was average. In the night session, ethylene glycol opened slightly higher and then strengthened rapidly. The high - level spot transaction reached around 4,045 yuan/ton. Subsequently, the market returned to a narrow - range fluctuation. The spot negotiation was traded at a premium of 68 - 72 yuan/ton to the 01 contract. In the afternoon, the basis of this week's spot weakened. In terms of US dollars, the external market of ethylene glycol adjusted at a high level. In the morning, recent shipments were negotiated at around 474 - 476 US dollars/ton, and then slightly declined to around 470 - 472 US dollars/ton in the afternoon. Some individual traders participated in buying at low levels. The domestic and foreign transaction negotiation ranges were 3,980 - 4,045 yuan/ton and 469 - 477 US dollars/ton respectively, a neutral situation [7]. - **Basis**: The spot price is 4,013, and the 01 contract basis is 71, with the futures price at a discount, a neutral situation [8]. - **Inventory**: The total inventory in East China is 567,000 tons, a week - on - week increase of 67,000 tons, which is bearish [8]. - **Market Trend**: The 20 - day moving average is downward, and the closing price is below the 20 - day moving average, which is bearish [8]. - **Main Position**: The main net short position is increasing, which is bearish [7]. 3. Today's Focus - No specific content provided in this regard. 4. Fundamental Data PTA Supply - Demand Balance Sheet - From 2024 to 2025, PTA production capacity, production, import, total supply, polyester production capacity, production, PTA consumption, and other data showed different trends and growth rates. For example, in 2024, PTA production capacity gradually increased, and the supply - demand gap also changed [10]. Ethylene Glycol Supply - Demand Balance Sheet - From 2024 to 2025, ethylene glycol production, import, total supply, polyester production capacity, production, ethylene glycol consumption, and other data showed different trends and growth rates. For example, in 2024, ethylene glycol production capacity gradually increased, and the supply - demand gap also changed [11]. Price - On November 7, 2025, compared with November 6, 2025, the prices of various products such as naphtha, PX, PTA, MEG, and polyester fibers showed different degrees of changes. For example, the spot price of naphtha increased by 9 US dollars/ton, and the PTA processing fee decreased by 416.488 yuan/ton [12]. Inventory Analysis - The inventory of PTA plants, MEG ports, PET slices, and other products showed different trends from 2021 to 2025. For example, the PTA plant inventory showed a certain degree of change in the number of available days [40]. Polyester Upstream and Downstream Start - up Rates - The start - up rates of PTA, PX, ethylene glycol, polyester factories, and Jiangsu and Zhejiang looms showed different trends from 2020 to 2025 [51][55]. Profit and Processing Fee - The processing fee of PTA, the profit of MEG from different production methods, and the production profit of polyester fibers showed different trends from 2022 to 2025 [59][61].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Industrial silicon: The futures contract has upward momentum due to the reduction of warehouse receipts. Although the supply and demand are both weak, the continuous reduction of futures warehouse receipts provides support to the bottom of the market. It is advisable to take a long - position approach when the price drops. [5] - Polysilicon: The market has entered a policy vacuum period, and the futures contract is trading based on the weak supply - demand situation. It is expected that the price will decline next week, and investors can short at high prices and take profit at low prices. [5] 3. Summary by Relevant Catalogs 3.1 Price Trends - Industrial silicon: The futures price showed a strong - side fluctuation this week, closing at 9,220 yuan/ton on Friday. The spot price increased, with Xinjiang 99 - silicon quoted at 8,850 yuan/ton (up 50 yuan week - on - week) and Inner Mongolia 99 - silicon at 9,100 yuan/ton (unchanged). [1] - Polysilicon: The futures price center declined this week, closing at 53,215 yuan/ton on Friday. The spot price remained stable. [1] 3.2 Supply and Demand Fundamentals Industrial silicon - Supply: The weekly industry inventory decreased slightly. Southwest production decreased, and the cost during the dry season in the Southwest is expected to lead to further production cuts. Although Xinjiang factories are resuming production, the overall supply from November is expected to decline. The futures warehouse receipts decreased by 0.6 million tons week - on - week, and the overall industry inventory decreased by 0.2 million tons. [2] - Demand: Downstream polysilicon and organic silicon sectors support consumption. Polysilicon production will decline from November, organic silicon is gradually resuming production after maintenance, and the overall demand for industrial silicon is expected to decline marginally. Aluminum alloy procurement maintains a rigid - demand rhythm, and the export volume in the fourth quarter is expected to be lower than that in the third quarter. [3] Polysilicon - Supply: The short - term weekly production decreased. Southwest leading factories will cut production in November, and the planned output is expected to drop to 110,000 tons. The factory inventory remained unchanged this week, and the average full cost is 50,890 yuan/ton. [3] - Demand: The silicon wafer production schedule decreased week - on - week. Affected by the decline in terminal demand, the production schedule in November is expected to fall, and the transaction price remains flat. [4] 3.3 Market Data Charts - Industrial silicon: The report provides data on mainstream consumption area reference prices, major port/warehouse transaction prices, social inventory, factory inventory, monthly output,开工率, export and import volumes, trade - link inventory - to - sales ratio, and prices of raw materials such as silica, petroleum coke, and electrodes. [8][10][11] - Polysilicon: It includes data on spot prices, monthly output, industry 开工率, import and export volumes, industry profit calculation, and single - crystal silicon wafer export volume. [19][21][23] - Organic silicon (DMC): Data on average price trends, monthly output, 开工率, factory inventory, and industry profit calculation are presented. [24][27][38] - Aluminum alloy (Recycled aluminum): Information on price seasonality, monthly 开工率, average profit calculation, and domestic automobile monthly sales seasonality is provided. [31][35][39]

Group 1: Core Insights - The article highlights that Sina Finance APP stands out as the best choice for futures investors due to its comprehensive data, rapid news updates, and convenient trading experience [1][8]. Group 2: Market Data Comparison - Sina Finance APP provides comprehensive real-time market data covering the four major domestic futures exchanges, with low latency and a user-friendly interface [2]. - Wenhua Finance is praised for its depth of market data and technical analysis features, but some advanced functions require payment, making it less accessible for average investors [2]. - Both Boyi Master and Tonghuashun Futures have reliable market data but lack the modern user experience and interface of newer apps [2][3]. Group 3: News and Research Comparison - Sina Finance APP excels in delivering timely news updates, with a 24/7 news feed that provides instant access to critical information and analysis [4][5]. - Wenhua Finance focuses more on professional market analysis and trading strategies, but its news coverage is less comprehensive compared to Sina [4]. - Boyi Master offers basic news coverage, while Tonghuashun Futures provides good integration of A-share market information but lacks depth for pure futures investors [4]. Group 4: Trading Convenience Comparison - Sina Finance APP allows users to open accounts directly within the app, providing a seamless experience for market analysis and trading [6][7]. - Wenhua Finance and Boyi Master require users to open accounts with futures companies first, which can complicate the process for new investors [7]. - Tonghuashun Futures supports online account opening but is primarily focused on stock trading, limiting its recognition in the futures market [7]. Group 5: Overall Summary - The article concludes that while Wenhua Finance maintains a strong professional presence, Sina Finance APP offers a balanced solution for most futures investors, combining excellent market data, rapid news delivery, and integrated trading capabilities [8].

中辉能化观点 | | 中辉能化观点 | | | --- | --- | --- | | 品种 | 核心观点 | 主要逻辑 | | | | 淡季供给过剩仍为核心驱动，油价承压下行。11 月 2 日，OPEC+计划于 | | 原油 | 12 谨慎看空 | 月继续扩产 13.7 万桶/日，并计划于明年初暂停扩产；供需方面，消费 | | ★ | | 淡季开启，OPEC+仍在扩产周期，原油供给过剩压力逐渐上升，油价下行 | | | | 压力较大，重点关注原油边际产量变化。策略：空单持有，可轻仓加空并 | | | | 购买看涨期权。 | | | | 液化气跟随成本端油价走弱。美国制裁俄罗斯风险释放，油价回调，沙特 | | LPG | 谨慎看空 | 再度下调 CP 合同价，成本端利空；供需基本面改善，供给量小幅下降， | | ★ | | 下游化工开工率提高，需求端韧性较强；库存端，港口与厂内库存均下降。 | | | | 策略：空单持有。 | | L | | 成本支撑转弱，基差走强，但现货仍未止跌。装置陆续重启，国内开工季 | | | 空头延续 | 节性回升，10 月进口到港较多，后市仍存增加预期，供给延续宽松格局。 | | ...

钢材产业期现日报 投资咨询业务资格:证监许可 【2011】1292号 2025年11月7日 周敏波 Z0010559 | 钢材价格及价差 | | | | | | | --- | --- | --- | --- | --- | --- | | 品种 | 现值 | 前值 | 涨跌 | 某差 | 单位 | | 螺纹钢现货(华东) | 3190 | 3180 | 10 | 153 | | | 螺纹钢现货(华北) | 3190 | 3180 | 10 | 153 | | | 螺纹钢现货(华南) | 3270 | 3270 | 0 | 233 | | | 螺纹钢05合约 | 3102 | 3094 | 8 | 88 | | | 螺纹钢10合约 | 3137 | 3133 | 4 | ਦੇਤੋ | | | 螺纹钢01合约 | 3037 | 3024 | 13 | 153 | | | 热卷现货(华东) | 3270 | 3270 | O | 14 | 元/吨 | | 热卷现货(华北) | 3190 | 3190 | 0 | -66 | | | 热卷现货(华南) | 3270 | 3270 | 0 | -17 | | | 热卷 ...

Report Industry Investment Rating - No information provided on the industry investment rating Core Viewpoints - The silicon market has weak supply and demand, with limited improvement on the demand side. The industrial silicon market remains in an oversupply situation, which may suppress the upper limit of the market. Attention should be paid to the pressure level of 9,300 - 9,500 yuan/ton. [1] - Due to supply - side disturbances, the polysilicon market has seen an upward oscillation. However, considering the limited willingness of downstream enterprises to replenish inventory, there is significant pressure for the spot price to continue rising, which may lead to a market decline. [1] Summary by Related Catalogs Industrial Silicon - **Price Information**: The average price of non - oxygen - blown 553 (East China) remained unchanged at 9,300 yuan/ton; the average price of 421 (East China) remained unchanged at 9,700 yuan/ton. The closing price of the main futures contract rose 0.50% to 9,065 yuan/ton; the basis was 235 yuan/ton, a decrease of 45 yuan. [1] - **Supply and Demand**: In October, the southwest production area entered the high - cost dry season, with some silicon enterprises shutting down furnaces. The overall industrial silicon production in November is expected to drop below 400,000 tons. The downstream demand is weak, with low inventory - building willingness. [1] - **Investment Strategy**: Adopt interval trading [1] Polysilicon - **Price Information**: The price of N - type dense material remained unchanged at 51 yuan/kg; the price of N - type re - feed material remained unchanged at 52.2 yuan/kg. The closing price of the main futures contract rose 0.07% to 53,395 yuan/ton; the basis was - 2,395 yuan/ton, a decrease of 40 yuan. [1] - **Supply and Demand**: The supply side may see a slight increase in production in October and a decline in November. The market trading is light, and downstream enterprises resist high - priced resources. [1] - **Investment Strategy**: Before the implementation of supply - side reform policies, consider lightly testing long positions on dips [1] Other Information - On October 28, the step - up substation project of the 2GW photovoltaic power station in Saudi Arabia, jointly constructed by China Energy Engineering Corporation's international engineering company, Guangdong Power Engineering Corporation, and Northwest Engineering Corporation, officially started. [1] - As of November 6, the total social inventory of industrial silicon in major areas was 552,000 tons, a decrease of 6,000 tons from last week. [1]

Report Investment Ratings - Crude oil: One star, indicating a bullish bias but limited operability on the trading floor [1] - Fuel oil: White star, suggesting a relatively balanced short - term trend and poor operability, advising to wait and see [1] - Low - sulfur fuel oil: White star, indicating a relatively balanced short - term trend and poor operability, advising to wait and see [1] - Asphalt: One star, indicating a bearish bias but limited operability on the trading floor [1] - Liquefied petroleum gas: White star, suggesting a relatively balanced short - term trend and poor operability, advising to wait and see [1] Core Views - The overall energy market shows a complex situation with different trends for each product. The mid - term supply - demand situation, geopolitical factors, and seasonal factors all have an impact on the price trends of various energy products [2][3][4] Summary by Industry Crude Oil - Overnight international oil prices declined, showing a volatile and weak trend this week. After the API crude oil inventory increased more than expected, last week's EIA crude oil inventory increased by 5.202 million barrels more than expected. The mid - term bearish impact of supply - demand surplus on oil prices persists. Although the attack on Russia's largest Black Sea port Tuapse and surrounding refineries affected short - term shipments and production, the refinery operating rate in the last week of October has recovered to the highest level since August. Geopolitical factors have a volatile impact on oil supply, and there is still a risk of oil price decline this year [2] Fuel Oil & Low - Sulfur Fuel Oil - The price of fuel oil has been dominated by the trend of crude oil, showing a volatile pattern. Low - sulfur fuel oil shows a certain strengthening trend compared with high - sulfur fuel oil. The unexpected shutdown of Kuwait's Al - Zour refinery, the adjustment of the shipping rhythm after the restart of Dangote refinery, and the possible transfer of some low - sulfur export quotas in China to the refined oil sector have jointly promoted the short - term strengthening of its cracking spread. However, the overall supply of low - sulfur fuel oil in Asia is still sufficient, with a new batch of 540,000 barrels of low - sulfur oil from Malaysia's PrefChem planned to be loaded in late November. There are still many remaining quotas in China, so the continuous upward momentum is expected to be limited. High - sulfur fuel oil is supported by geopolitical conflicts, but the market's expectation of a reduction in Russian supply has been basically digested. At the same time, the previously damaged refineries are gradually recovering, combined with the off - season of power generation demand and the increasing production trend of OPEC +, the mid - term supply pattern tends to be loose. The price difference between high - and low - sulfur fuel oil is expected to expand [3] Asphalt - Construction in the north is gradually weakening, with construction in the northeast and northwest gradually stopping due to low temperatures, while there is still a demand for rush construction in the south. There are multiple bearish signals in the fundamentals. Since late October, the year - on - year change in the shipment volume of 54 asphalt sample enterprises has turned negative for the first time, and it is likely to continue this negative trend. The decline of the overall weekly commercial inventory has slowed down, and the social inventory at the end of October has increased year - on - year for the first time this year. The market's bearish sentiment has deepened, and the price of asphalt (BU) continues to decline [4] Liquefied Petroleum Gas - Today's main contract fluctuated narrowly, and the weekly commercial volume of liquefied petroleum gas decreased. The improvement of chemical profit has promoted the growth of demand, and the significant cooling in many places has improved the demand on the combustion end. The refinery storage capacity ratio has slightly decreased, while the port storage capacity ratio has increased. The international oil price shows a weak upward trend, and the lack of strong supporting factors in the fundamentals combined with the negative guidance from the cost side means that the main LPG contract is expected to fluctuate [5]

Report Summary 1. Report Industry Investment Rating No relevant information provided. 2. Core Views - **Copper**: Today, Shanghai copper (SHFE Copper) oscillated upward, with the main contract price breaking through the 86,000 RMB mark, and the trading volume remained stable. The domestic macro - environment improved, leading to an upward trend in the non - ferrous sector and the stock index. The social inventory of electrolytic copper was 202,600 tons, a decrease of 3,400 tons from Monday. Technically, attention should be paid to the support at the 86,000 RMB mark [5]. - **Aluminum**: Shanghai aluminum (SHFE Aluminum) increased in volume and price, breaking through Monday's high. The domestic macro - environment improved, leading to an upward trend in the non - ferrous sector and the stock index. The strong performance of aluminum prices was partly due to the "anti - involution" expectation. At the industrial level, the inventory of downstream aluminum rods and mid - stream electrolytic aluminum decreased. Technically, attention should be paid to the support of the 5 - day moving average [6]. - **Nickel**: Shanghai nickel (SHFE Nickel) oscillated and rebounded, with the main contract price approaching the 120,000 RMB mark at the end of the session. The domestic macro - environment improved, leading to an upward trend in the non - ferrous sector and the stock index. The rebound of SHFE Nickel was weak due to significant industrial pressure. Technically, continuous attention should be paid to the long - short game at the 120,000 RMB mark [7]. 3. Industry Dynamics - **Copper**: On November 6th, the social inventory of electrolytic copper was 202,600 tons, a decrease of 3,400 tons from Monday [9]. - **Nickel**: On November 6th, the price of SMM1 electrolytic nickel was in the range of 118,900 - 122,100 RMB/ton, with an average price of 120,500 RMB/ton, a decrease of 450 RMB/ton from the previous trading day. The mainstream spot premium of Jinchuan 1 electrolytic nickel was in the range of 2,700 - 3,000 RMB/ton, with an average premium of 2,850 RMB/ton, an increase of 50 RMB/ton from the previous trading day. The spot premium of domestic mainstream brand electrowon nickel was in the range of - 150 - 300 RMB/ton [10]. 4. Related Charts - **Copper**: The report includes charts of copper basis, electrolytic copper domestic visible inventory (social inventory + bonded area inventory), LME copper cancelled warrant ratio, overseas copper exchange inventory, and SHFE warrant inventory [11][12][13]. - **Aluminum**: The report includes charts of aluminum basis, aluminum monthly spread, electrolytic aluminum domestic social inventory, electrolytic aluminum overseas exchange inventory (LME + COMEX), alumina inventory, and aluminum rod inventory [24][30][26]. - **Nickel**: The report includes charts of nickel basis, LME nickel cancelled warrant ratio, LME nickel trend, SHFE inventory, and nickel ore port inventory [37][39][40].

中辉有色观点 | 品种 | 核心观点 | 主要逻辑 | | --- | --- | --- | | 黄金 ★ | 长线做多 | 政府继续关门、关税合法性继续辩论、地缘交恶。但数据意外走好。美国两党表态 来看，有望中旬结束停摆。黄金短线等企稳做多。中长期黄金支撑逻辑不变，地缘 秩序重塑，央行继续买黄金，战略配置价值不变。 | | 白银 ★ | 长线做多 | 白银跟随相关市场波动，基本面上来看，长期全球政策刺激白银需求，供需缺口持 续变，宽松货币投放提供流动性。11200 支撑较强。长线做多持有 | | 铜 ★ | 长线持有 铜依旧看多。 | 特朗普督促尽快重启政府，美国 10 月 ADP 就业数据超预期，市场恐慌情绪缓和，隔 夜铜止跌企稳，建议回调逢低轻仓试多，中长期，铜精矿紧张和绿色铜需求爆发， | | 锌 ★ | 国内冶炼厂冬储备库积极，锌精矿加工费大幅回落，消费淡季，需求转弱，隔夜锌 | | --- | --- | | | 铜依旧看多。 反弹承压 窄幅震荡，中长期看，锌供增需减，维持反弹逢高沽空观点。 | 铅 ★ 反弹承压 河北等地铅生产企业受环保影响，下游终端消费旺季尚可，但中大型铅蓄电池企 业减产拖累 ...

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The report provides a comprehensive analysis of various commodity futures markets, including precious metals, base metals, black industries, agricultural products, and energy chemicals. It presents market performance, fundamentals, and trading strategies for each sector, suggesting different approaches such as buying on dips, selling on rallies, or waiting and observing based on the specific market conditions [2][3][6]. Summary by Commodity Categories Precious Metals - **Gold**: Overnight, precious metal prices rebounded, with international gold prices rising over 1% to $3978 per ounce. The US political situation and economic data influenced the market. Domestic gold ETFs had an inflow of 1.1 tons. The trading strategy is to buy on support for gold and reduce long positions for silver [2]. - **Silver**: Inventories in various exchanges decreased. The trading strategy is to reduce long positions [2]. Base Metals - **Copper**: The price oscillated and stabilized. The supply of copper ore remained tight, and domestic demand was expected to improve. The trading strategy is to wait for buying opportunities on dips [3]. - **Aluminum**: The price of the electrolytic aluminum main contract decreased slightly. The supply increased, while the demand weakened. The price may be under pressure to correct [3]. - **Alumina**: The price of the main contract increased slightly. The supply decreased due to environmental protection measures, while the demand remained stable. The price is expected to oscillate weakly [4]. - **Zinc**: The price decreased slightly. The processing fees of zinc concentrate increased, but the terminal orders were weak. The trading strategy is to sell on rallies [4]. - **Lead**: The price increased slightly. The supply was marginally loose, but the lead concentrate was in tight balance. The price is expected to oscillate at a high level [4]. - **Industrial Silicon**: The price oscillated. The supply decreased, and the demand was supported. The price is expected to oscillate within a range [4]. - **Lithium Carbonate**: The price decreased slightly. The supply decreased, and the demand increased. The price may have short - term correction pressure but is supported by strong demand. The trading strategy is to wait and observe [5]. - **Polysilicon**: The price decreased slightly. The supply decreased, and the demand was affected by policies. The trading strategy is to buy on dips or consider selling put options [5]. - **Tin**: The price oscillated and stabilized. The supply was tight, and the demand improved. The trading strategy is to wait for buying opportunities on dips [5]. Black Industry - **Rebar**: The price decreased slightly. The supply and demand had limited contradictions, and the futures discount marginally shrank. The trading strategy is to wait and observe [6]. - **Iron Ore**: The price increased slightly. The supply increased, and the demand decreased. The trading strategy is to exit and wait and observe [6]. - **Coking Coal**: The price increased slightly. The supply and demand were neutral, and the futures premium was high. The trading strategy is to wait and observe [7]. Agricultural Products - **Soybean Meal**: US soybeans may enter an oscillation phase. The domestic market follows the cost - end and oscillates strongly. The medium - term trend depends on tariff policies and production [8]. - **Corn**: The futures price oscillates in a narrow range. The spot price is expected to be weak. The trading strategy is to expect the futures price to oscillate in a range [8]. - **Oils and Fats**: The price is weak and shows differentiation among varieties. The trading strategy is to be bearish and focus on reverse spreads [8]. - **Sugar**: The international price is weak, and the domestic price shows an internal - strong and external - weak pattern. The trading strategy is to sell short in the futures market and sell call options [8]. - **Cotton**: The international price decreased, and the domestic price oscillated narrowly. The trading strategy is to sell short on rallies [9]. - **Eggs**: The price is expected to oscillate strongly. The trading strategy is to expect the futures price to oscillate in a range [9]. - **Pigs**: The price is expected to be weak. The trading strategy is to expect the futures price to be weak [9]. - **Apples**: The price increased. The trading strategy is to wait and observe [9]. Energy Chemicals - **LLDPE**: The price decreased slightly. The supply pressure increased but at a slower pace, and the demand weakened. The short - term trend is to oscillate weakly, and the long - term strategy is to sell short on rallies [10]. - **PTA**: The supply pressure is large in the long - term, and the demand improved. The trading strategy is to take profit on long positions of PX and sell short on rallies for PTA [11]. - **Rubber**: The price decreased slightly. The supply is expected to increase, and the inventory is accumulating. The price is expected to oscillate at a low level [11]. - **PP**: The price decreased slightly. The supply increased, and the demand weakened. The short - term trend is to oscillate weakly, and the long - term strategy is to sell short on rallies [11]. - **MEG**: The supply pressure is large in the long - term, and the inventory is accumulating. The trading strategy is to sell short on rallies [12]. - **Crude Oil**: The price decreased. The supply pressure is increasing, and the demand is weakening. The price is expected to oscillate in the short - term, and short - selling can be considered if the Russian oil reduction is less than expected [12]. - **Styrene**: The price decreased slightly. The supply is expected to increase, and the demand is weak. The short - term trend is to oscillate weakly, and the long - term strategy is to sell short on rallies [12].