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 polyester plants' products will increase, and the probability of lowering prices and destocking will be higher, and rebounding and short selling are still the main operations.
PTA: The trend is still weak. 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. The PTA price is low, and the polyester factory has been restocked appropriately, and the inventory was flat last week. However, the pressure of polyester destocking is relatively high, TA continues to drive downwards, and the cost-side oil price is weak, and the decline drives TA valuations to continue to decline. The end of November is the time window for the factory to receive orders in 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.