金 信 期 货 P T A 乙 二 醇 日 刊 本刊由金信期货研究院撰写 2 0 2 6 / 0 3 / 2 4 GOLDTRUST FUTURES CO.，LTD PTA 主力动向：多头主力减仓 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 走势预期：短期地缘局势主导能化板块格阶段性波动，原油供应不畅致PX装置降负，成本支撑叠加供应预期减少，需求端因成本高 企致下游聚酯企业下单谨慎，多持观望态度，预计短期PTA价格跟随成本端宽幅震荡。 MEG 主力合约：3月24日乙二醇主力期货合约eg2605下跌6.23%，基差在-33元/吨较上一交易日+71元/吨。 基本面：今日乙二醇华东地区市场价5236元/吨，较前一交易日下跌234元/吨。华东主港地区MEG库存总量92.1万吨，较上一期减少 1.2万吨。 主力动向：多头主力减仓 走势预期：国内外大量石油裂解装置降负，同时霍尔木兹海峡通行受限乙二醇进口到港锐减，供应快速下降，月底前主港口库存预期 转为去库，2季度供需改善。当前煤制利润大幅 ...

Report Summary 1. Report Industry Investment Rating - No investment rating information is provided in the report. 2. Core Viewpoints - For PTA, the cost - end Brent crude oil is at a high level due to the Iranian situation. After the holiday, PTA device restarts accelerate, inventory accumulates, and downstream polyester start - up rate recovers. Supply and demand both strengthen, and the short - term PTA price is expected to fluctuate following the cost - end [3]. - For MEG, the geopolitical situation dominates the price's phased fluctuations, providing cost support. However, high inventory limits the increase. There is a direct risk of supply interruption, and if the conflict continues, it may break the loose supply - demand pattern. From March, the inventory at the main ports is expected to start to decline, and attention should be paid to overseas situations and device changes [4]. 3. Summaries by Relevant Catalogs PTA - **Market Situation**: On March 5, the PTA main futures contract TA605 rose 2.97%, and the basis was - 31 yuan/ton, up 16 yuan/ton from the previous trading day [3]. - **Fundamentals**: The market price in East China was 5805 yuan/ton, up 200 yuan/ton from the previous trading day. The PTA capacity utilization rate remained at 78.88%, and the factory inventory was 6.37 days, up 0.9 days from last week. The cost - end Brent crude oil was at a high of 84 dollars/barrel [3]. - **Main Force Movements**: The long - position main force increased positions [3]. - **Trend Expectation**: The PTA price is expected to fluctuate following the cost - end in the short term [3]. MEG - **Market Situation**: On March 5, the ethylene glycol main futures contract eg2605 rose 2.52%, and the basis was 3 yuan/ton, up 107 yuan/ton from the previous trading day [4]. - **Fundamentals**: The market price in East China was 4170 yuan/ton, up 196 yuan/ton from the previous trading day. The total inventory at the main ports in East China was 96.6 tons, an increase of 3.96 tons from the previous period [4]. - **Main Force Movements**: The long - position main force increased positions [4]. - **Trend Expectation**: The geopolitical situation dominates the price's phased fluctuations. High inventory limits the increase. There is a risk of supply interruption. From March, the inventory at the main ports is expected to decline [4].