PTA: The monthly difference of the PTA and basis have strengthened at the same time, and the price is in an upward trend. We believe that this wave of quotations is the result of the combined effect of the replenishment of industrial terminal factories and the concentrated admission of long capital. Until June is the traditional low season for polyester consumption, but this year, polyester factories have reduced the price of filaments and surrendered part of their profits to the downstream. The decline in the circulation speed of grey fabrics and the substantial accumulation of inventory has made the factory pessimistic, and the stock of raw materials has been low. Crude oil continued to break through, and terminal factories were worried about rising costs. They entered the market at the end of June and early July to replenish their warehouses. In addition, in mid-June, PTA processing fees attracted manufacturers to enter the market to lock in profits, but there was a certain degree of oversold. In the process of recent long entry driving prices up, industrial funds have receded. In the medium and long term, the peak season for polyester consumption will gradually come to fruition. For polyester raw material PTA, there is still room for upside. However, in the short term, we still need to pay attention to the risk of callbacks in crude oil trends at the raw material end.