PTA：Short 01 long 05，Short PTA01 long PF01
PTA: Cost collapse superimposed negative demand feedback, PTA dropped sharply. We suggest to short 01 long 05, short PTA01 long PF01. We do not recommend to chase short positions unilaterally, we should keep the idea of putting while the PTA price rebound as the main idea. Overnight oil prices fell by more than 7%, and the unilateral price PTA continued to follow the fluctuations in oil prices, and in the process, processing fees gradually shifted from upstream to downstream. It is shown that the price of upstream PX has fallen more than PTA, and the spot processing fee of PTA has recovered to 600 yuan / ton. Mainstream traders have a strong ability to control goods, and the supply of goods in circulation is small, and the basis continues to strengthen to 510 yuan / ton. In July, the supply and demand of PTA were weak, although the operating rate of the plant is expected to gradually decline under the background of Hengli and Fuhaichuang maintenance, and the polyester factory on the demand side has further plans to reduce production. The terminal weaving link has dropped sharply under the recent high temperature power cut in Jiangsu and Zhejiang. PTA just needs to weaken, and the inventory will gradually turn into a accumulation pattern in the future. In general, the supply and demand structure of PTA may further deteriorate after August. We suggest to short 01 long 05, short PTA01 long PF01.