1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - PTA futures fluctuated and declined yesterday, with fair negotiation in the spot market and fluctuating spot basis. The polyester factory's buying increased. The short - term price of ethylene glycol will be adjusted within a range, and its price will face upward pressure due to increased liquidity and weak demand. The supply - demand structure of ethylene glycol is benign in the medium and short term, which supports its price [5][6][7]. - The raw material maintenance season leads to supply contraction, with a de - stocking expectation of over 500,000 tons in the second quarter, supporting price rebound. However, the EU's carbon border adjustment mechanism will increase the export cost of polyester products by 8% - 12%, and the domestic polyester industry has problems such as low - end over - capacity and high inventory [9][10]. - The short - term commodity market is greatly affected by the macro - level, and there is still an expectation of raw material inventory accumulation. Attention should be paid to the upper resistance level after the market rebounds [11]. 3. Summary According to the Directory 3.1 Previous Day's Review No relevant content provided. 3.2 Daily Hints - **PTA Daily View** - Fundamental: PTA futures fluctuated and declined yesterday, with fair negotiation in the spot market and fluctuating spot basis. The polyester factory's buying increased. The current mainstream spot basis is 09 + 208, showing a neutral situation [6]. - Basis: The spot price is 4855, and the 09 - contract basis is 253, with the futures price at a discount, showing a bullish sign [6]. - Inventory: The PTA factory's inventory is 4.02 days, a decrease of 0.07 days compared to the previous period, showing a bullish sign [6]. - Market: The 20 - day moving average is downward, and the closing price is below the 20 - day moving average, showing a bearish sign [6]. - Main Position: The net long position increased, showing a bullish sign [5]. - Expectation: The ethylene glycol vessels will be stocked well this week. It is expected that the port inventory will remain stable or slightly decrease early next week. The supply - demand structure of ethylene glycol is still benign this month. After the warehouse receipts are gradually cancelled and flow out, the available spot in the market will be supplemented. The load of synthetic - gas - based ethylene glycol will also increase from the middle of the month. In the short term, the ethylene glycol price will be adjusted within a range, and its price will face upward pressure due to increased liquidity and weak demand. Attention should be paid to the polyester sales situation and the restart progress of large - scale ethylene glycol plants [5]. - **MEG Daily View** - Fundamental: On Monday, the ethylene glycol price declined weakly, with general negotiation in the market. The port inventory increased slightly, and the external arrivals were concentrated this week. The low - level of visible inventory has emerged. Coupled with the mention of polyester production cuts again, the market sentiment is weak, and the spot basis has weakened to a premium of 108 - 110 yuan/ton over the 09 - contract. The external price of ethylene glycol also declined weakly, showing a neutral situation [8]. - Basis: The spot price is 4380, and the 09 - contract basis is 124, with the futures price at a discount, showing a bullish sign [8]. - Inventory: The total inventory in the East China region is 597,000 tons, an increase of 23,300 tons compared to the previous period, showing a bearish sign [8]. - Market: The 20 - day moving average is downward, and the closing price is below the 20 - day moving average, showing a bearish sign [8]. - Main Position: The main net short position increased, showing a bearish sign [8]. - Expectation: The ethylene glycol port shipment efficiency was good last week. Combined with the scarce external arrivals this week, it is expected that the port inventory will decrease significantly after the Dragon Boat Festival, and the inventory in Zhangjiagang's mainstream trading tanks is likely to fall below 200,000 tons. The available spot of ethylene glycol is still in short supply in June, and the spot basis will remain strong. Attention should be paid to the outflow of warehouse receipts. The supply - demand structure of ethylene glycol is benign in the medium and short term, which supports its price. Attention should be paid to the change in polyester load [7]. 3.3 Today's Focus No relevant content provided. 3.4 Fundamental Data - **PTA Supply - Demand Balance Sheet**: It shows the PTA supply - demand situation from January 2024 to December 2025, including capacity, output, import, export, consumption, and inventory data [12]. - **Ethylene Glycol Supply - Demand Balance Sheet**: It shows the ethylene glycol supply - demand situation from January 2024 to December 2025, including production rate, output, import, export, consumption, and port inventory data [13]. - **Price Data**: It shows the price changes of various products such as naphtha, p - xylene, PTA, and ethylene glycol from June 6 to June 9, 2025, including spot prices, futures prices, and basis data [14]. - **Other Data**: It also includes data on bottle - chip prices, production margins, capacity utilization rates, inventory levels, as well as data on PTA and ethylene glycol spreads, basis, inventory analysis, upstream and downstream operating rates, processing fees, and production margins [15 - 72].