Driven by the weakening of polyester demand, the entire industry chain continued its weak downward trend within the week. Among them, the polyester product end will be slightly stronger than the raw material operation, and polyester profit will expand. Crude oil prices met obstacles, coal prices were weak, MEG cost side support was insufficient, continued to decline, and the monthly spread weakened; the basis of TA increased, and the monthly spread stabilized; the downward drive of coal prices was more obvious than that of oil prices. Long TA short EG Operation-oriented.
PTA: The downward trend is not over yet. The current market is still in the logic of weaker trading demand. The terminal order situation is poor, the polyester link inventory is high, and the whole industry chain has negative feedback. Driven by lower costs, valuations will continue to fall. PTA continued to accumulate in the week, and the downstream polyester plant's operating rate gradually recovered to 87% under the power curtailment measures. PTA plant is expected to go to the warehouse when 4 million tons of equipment are undergoing maintenance in December. Recommend long PF and short TA.