Bottom-up negative feedback will cause prices to continue to fall. The recovery speed of the terminal looms was not as fast as expected, the profit was poor, the enthusiasm for receiving orders was not high, the willingness to prepare for the warehouse was insufficient, and only the purchase was just needed. The end of November is the time when the downstream market just needs replenishment, so there may be a staged rebound in the market. However, in the medium term, the pressure on the products of polyester factories will increase, and the probability of reducing prices and destocking will be higher, and the operation of rebounding and short selling is still the main reason.
PTA: The medium-term demand drive continues to be weak, and we will observe the terminal replenishment situation at the end of November in the short term. During the week, polyester production and sales continued to be weak, and the factory's finished polyester inventory continued to accumulate. In terms of PTA, the processing fee has dropped to 400 yuan/ton, which has triggered market discussions on whether it will exceed expectations for overhauls. However, the fall in costs has driven TA's valuation to continue to decline. The end of November is the time window for the factory to receive orders in the spring and summer. The domestic epidemic situation has improved. It is expected that the domestic sales of textiles and clothing will improve, which will bring TA short-term rebound. However, the medium-term drive continues to fall, with rebound short-selling operations dominated. 1-5 reverse set operation.