PTA: Crude oil continued to fall overnight, PTA fell sharply, and the monthly difference returned to the Contango structure again. According to the current crude oil valuation level, the TA09 contract processing fee level is about 500 yuan/ton. Yesterday, the main PTA contract fell to the limit, the downstream polyester yarn did not fall in price, and the production and sales were light, only less than 30%. On the one hand, the end of the pre-replenishment period, on the other hand, the disk drop limit affects the mentality of market participants. From a fundamental point of view, there is currently no marginal change, and the price fluctuations are more affected by the cost side. Follow-up still needs to pay attention to the direction of crude oil.