PTA：SHORT PTA01 LONG MEG01
PTA: The trend is still weak. Short PTA01 long MEG01. The current PTA valuation level is moderately low, the driving force is still downward, and it is in a volatile market in the short term. The cost of PTA fell rapidly, and the recovery of PTA processing fees led to an increase in the operating rate. On the demand side, polyester factories currently have high inventories and low profits, and the operating load further declines. The polyester factory has great difficulties in operation, and the production capacity has begun to be partially cleared. PTA just needs to shrink, and from July to August, it will gradually turn into an accumulation pattern. Before the polyester factory is started and repaired, the drive of PTA is still down. The willingness of mainstream suppliers to ship has increased, and the spot basis has narrowed rapidly. With the weakening of the gap between September and January, the unilateral PTA is still in a volatile market pattern. Not chasing short-term, the trend is still weak. Long MEG short PTA.