1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - On December 11, the PTA market showed an upward trend with a strengthening basis, while the MEG market declined with a weakening basis [2][4]. - The PTA market is expected to follow the cost - end to fluctuate, and its inventory pattern will gradually shift to accumulation. The MEG price may continue to fluctuate at the bottom under the expectation of increased supply and decreased demand [3][4]. 3. Summary According to Relevant Contents PTA - **Main Contract**: On December 11, the PTA main futures contract TA2601 rose 0.69%, and the basis strengthened to - 17 yuan/ton [2]. - **Fundamentals**: The market price in East China was 4645 yuan/ton, up 33 yuan/ton from the previous trading day. Brent crude oil fell below $62, and OPEC+ maintained the decision to suspend production increase in Q1 2026. The PTA capacity utilization rate was 73.81%, and the weekly inventory days of PTA factories were 3.86 days, a decrease of 0.06 days compared to the previous week [3]. - **Main Force Movements**: Short - side main forces reduced their positions [3]. - **Trend Expectation**: The previously overhauled PTA capacity will gradually restart, and the inventory pattern will gradually shift to accumulation. The downstream polyester start - up rate decreased slightly from a high level, and the terminal demand is expected to weaken further. The PTA processing fee is around 170 yuan, and the PTA market is expected to follow the cost - end to fluctuate in the short term [3]. MEG - **Main Contract**: On December 11, the ethylene glycol main futures contract eg2601 fell 2.23%, and the basis weakened to - 32 yuan/ton [4]. - **Fundamentals**: The market price in East China was 3613 yuan/ton, down 55 yuan/ton from the previous trading day. The prices of crude oil and coal both declined. The weekly inventory at East China MEG ports totaled 75.5 tons, an increase of 3.6 tons compared to the previous week [4]. - **Main Force Movements**: There were differences among long - side and short - side main forces [4]. - **Trend Expectation**: MEG continued to accumulate inventory, with a reduced accumulation rate, but the expectation has not been reversed. Some domestic plants have been shut down for maintenance, temporarily relieving the supply - side pressure. However, the maintenance volume at the low absolute price is lower than expected. There are still expected new capacity put into production in the future, and the MEG price may continue to fluctuate at the bottom under the expectation of increased supply and decreased demand [4].

Report Overview - Report Name: Jinxin Futures PTA Ethylene Glycol Daily - Report Date: November 20, 2025 - Report Author: Jinxin Futures Research Institute PTA Analysis Market Performance - On November 20, the PTA main futures contract TA2601 declined by 0.25%, with a basis of -67 yuan/ton [2] Fundamental Information - The market price of PTA in East China was 4,633 yuan/ton, down 7 yuan/ton from the previous trading day [3] - The capacity utilization rate of PTA was 71.17%, a decrease of 2.32% from the previous day [3] - The weekly inventory days of PTA factories were 3.97 days, a decrease of 0.12 days compared to the previous week [3] Main Force Trends - Long - position main forces reduced their positions [3] Market Expectation - In the short term, the PTA market is expected to fluctuate following the cost side [3] MEG Analysis Market Performance - On November 20, the ethylene glycol main futures contract eg2601 dropped by 2.05%, and the basis strengthened to 26 yuan/ton [4] Fundamental Information - The market price of ethylene glycol in East China was 3,876 yuan/ton, down 49 yuan/ton from the previous trading day [4] - The production profit of coal - based ethylene glycol remained in a loss situation [4] - The weekly inventory of MEG ports in East China totaled 66.76 tons, an increase of 4.96 tons compared to the previous week [4] Main Force Trends - Short - position main forces increased their positions [4] Market Expectation - In the short term, the price center of ethylene glycol is expected to fluctuate weakly [4]