Supply and Demand - PTA supply has increased with operating rates around 84%, as several PTA plants have restarted production, while some others are temporarily shut down [3] - Demand for polyester has decreased, with a reduction in production at major factories in Jiangsu and Zhejiang, leading to a comprehensive drop in polyester operating rates to 91.1% [3] - Recent price increases in polyester filament by 50-100, with sales volume increasing towards the end of the previous trading day [3] Market Outlook - The recent increase in PTA operating rates and the early commissioning of a new 2.5 million-ton PTA plant have led to a weakening supply-demand balance, with expectations of a decline in basis [4] - Despite the pressure on PTA absolute prices, the limited maintenance plans for PTA plants and the anticipated strong demand for PX may provide some price support [4] - The strategy suggests operating within a short-term range of 4500-4800 for TA, with a focus on hedging against high prices [4] Cost Analysis - The processing fee for PTA spot prices is around 424 yuan/ton, while the processing fee for TA2509 futures is 353 yuan/ton [2]