PTA：SHORT PTA01 LONG PF01
PTA: Following the oversold rebound in the cotton sector, long PF and short PTA. The valuation of PTA is low, the driving force is gradually becoming stronger, and the short-term is strong and volatile, and the reverse position is closed and left. The sharp drop in PTA in the early stage was mainly affected by the negative feedback on the demand side and the collapse of costs. At present, the negative feedback of the polyester link has not shown a significant change, the start of construction is still low, and the speed of inventory depletion is limited. However, in the weaving process, the current profit of grey fabrics has rebounded, and orders have been placed one after another recently, which has improved compared with the previous period. We will further observe whether the positive feedback process can be restarted in the future. PTA supply is loose, demand is still weak, downstream products are expected to return to profits, long PF short PTA.