Research report text
Summary:
PTA: The demand for polyester has weakened, suppressing the demand for PTA; the valuation of PXN is still high, and the subsequent pressure is gradually increasing; crude oil has stabilized in stages. PTA mainly wait and see.
Disk situation:
The 01 contract opened at 5224 today, with a maximum of 5226, a minimum of 5102, and a close of 5200, up 0 or 0.00%. On the whole, the technology fluctuates at a low level.
Spot market:
PX: On December 1, the closing price of PX market was US$917/ton CFR China and US$897/ton FOB South Korea, down US$2.67/ton from the previous trading day.
PTA: As of the time of writing, today’s PTA market price is on the lower edge, and the negotiation reference is around 5350. The mainstream supply of goods in the main port, this week and next week, the spot delivery of 01 liters of water around 200 and 150 will be traded and negotiated, and the delivery of 01 liters of water will be around 110, 95, and 100 in December. The weakness of supply and demand has not changed, the spot basis has weakened, and buying spot and rigid demand are the main ones.
PTA: The overall load of PTA is maintained at around 73.4%. In terms of installations, Yadong Petrochemical, Yisheng Dahua 1#, and Zhuhai BP1# are expected to be overhauled.
Logic and conclusion:
The demand for polyester has weakened, suppressing the demand for PTA; the valuation of PXN is still high, and the subsequent pressure is gradually increasing; crude oil has stabilized in stages. PTA mainly wait and see.
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