PTA: Crude oil prices are firm and Zhejiang Petrochemical’s PX plant may be delayed, leading to a high PX-naphtha processing fee of US$270/ton. The operating rate of PTA units dropped to 79% during the week. The polyester plant operating rate increased to 93.8%. PTA rose under the support of rising PX prices on the cost side. The current processing fee for the 09 contract is around 600 yuan/ton, which is moderately high. The peak season for terminal demand has advanced, the production and sales of polyester yarns have begun to increase in volume, inventory has been depleted, looms have continued to rise, and weaving factories have been operating with low inventory in the early stage, and currently there are phased replenishment activities. The terminal price transmission situation has changed, and the PTA room has opened up. It is recommended to hold long positions.