News summary

PTA2409 contract rose 0 in night tradingdiamondreelscasinonodepositbonuscodes.24%, and the spot price rose by 5 to 5775 yuan/ton. PX2409 contract rose 0diamondreelscasinonodepositbonuscodes.22%, equipment shutdown at a large PX factory in East China affected production. Crude oil prices are guided by CPI data and interest rate cuts are expected to heat up. PTA supply and demand have both decreased, polyester load has dropped, and attention has been paid to downstream promotion and inventory removal efforts. PX and PTA prices are expected to rebound in stages, and it is recommended to hold multiple orders.

Newsletter text

[Futures market PTA and PX prices rose slightly at night] Futures market trading on Wednesday night, the price of the PTA2409 contract rose slightly, rising by 14 yuan per ton, or 0.24%, and finally closed at 5790 yuan/ton. At the same time, the price of PX2409 contract also showed a slight increase, rising by 18 yuan per ton, or 0.22%, to close at 8332 yuan/ton. In the spot market, pta spot prices also rose on May 15, increasing by 5 yuan per ton to 5775 yuan/ton. The spot basis was subsequently raised to +3, 2409 contract-3. In addition, the spot price of paraxylene rose slightly by 3 yuan per ton that day, and finally closed at US$1004/ton CFR China. At the crude oil market level, US CPI datadiamondreelscasinonodepositbonuscodesRelease improvementdiamondreelscasinonodepositbonuscodesIt has increased market expectations for future interest rate cuts, thus boosting commodity prices. The current fundamentals of the crude oil market show a bullish trend, and the low valuation situation of crude oil is expected to gradually improve. Investors should pay attention to the low valuation in the future and the opportunity to go long driven by demand. The reforming unit of a large PX production company in East China has been suspended, resulting in a decrease in PX production. Recently, there have been frequent changes in PX equipment, and PX supply and demand in the market have shown a double decline. PX prices are expected to maintain a narrow range of fluctuations under the influence of cost fluctuations. PTA supply and demand situation has also undergone certain changes. A 3.6 million-ton unit of Yisheng New Materials Company was shut down as planned, resulting in a decrease in PTA's starting load. At the same time, polyester load also fell. Against the background of both supply and demand decreasing, the destocking efforts are relatively stable. As polyester production companies gradually advance in production reduction, it is expected to stimulate downstream companies to increase their willingness to replenish stocks even when raw material inventories are low. In addition, the sales performance of polyester products in Jiangsu and Zhejiang regions has diverged, with the average sales ratio of approximately 60% on May 15. From the perspective of the industrial chain, PX and PTA prices are currently close to the lower boundary of the range and may encounter certain support. If crude oil prices no longer make a deep correction, PX and PTA prices are expected to rebound in stages. In view of the current market situation, investors are advised to continue to maintain a long position strategy.