Group 1 - The domestic futures market for PTA is experiencing a strong upward trend, with the main contract opening at 4820.00 CNY/ton and reaching a high of 4958.00 CNY, reflecting a price increase of approximately 3.49% [1] - Short-term PTA prices are expected to be supported by cost increases and active downstream restocking, while medium-term outlook suggests potential pressure from new production capacities and high inventory levels [1][2] - The supply side is seeing a slowdown in inventory depletion, while the demand side is under pressure due to high polyester inventory levels, leading to expectations of reduced production in the future [2] Group 2 - The PTA basis has significantly increased, with transactions reported at +250-280, indicating a tightening of spot liquidity and a decrease in port inventory to 180,000 tons [2] - The market is expected to maintain a strong oscillation in the near term, influenced by downstream cost pressures and the potential for significant reductions in bottle chip production [2]

正信期货表示，PTA供需维持偏紧格局，但产业链价格传导受阻，下游采购积极性不佳，导致短期PTA 价格高位承压。 东海期货指出，美国新订单上升情况近期存在，但并不是普遍性增加，部分厂家并未因为关税下降而接 到更多美国订单，以及海运清关时间需要1个半月，真正下单时间仅为至6月中上旬，相对有限。叠加内 销市场近期已经步入淡季，终端订单增量完全在出口端，对后期坯布销售可能提振并不如市场预期的 高。下游减产仍在观察，但低利润和终端订单增量可能低于预期的驱动下，落实的概率将会越来越高， 短期仍有回调风险，中枢跟随原油波动。 5月20日，国内期市能化板块跌幅居前。其中，PTA期货主力合约开盘报4770.00元/吨，今日盘中低位震 荡运行；截至发稿，PTA主力最高触及4774.00元，下方探低4704.00元，跌幅达1.79%附近。 目前来看，PTA行情呈现震荡下行走势，盘面表现偏弱。对于PTA后市行情将如何运行，相关机构观点 汇总如下： 华联期货分析称，供应端预计本周四川能投和新疆中泰重启，产量有所恢复。需求端聚酯产量高位，终 端织造开工率延续回升。据隆众，下游终端织造厂商内外贸订单局部出现增量，刚需大单出现询货询价 增加 ...