PTA：LONG 01 SHORT 05, SHORT PTA01 LONG PF01
PTA: Short-term rebound, long 01 short 05, long PTA short MEG (before mid-August). The main contract is about to enter the month-to-month phase, and the spot basis remains above 200 yuan/ton. The oversold position in the 09 contract is difficult to find suitable spot resources for delivery, so it has to lighten up. The operating rate of PTA devices was low from July to August, and the spot circulation was still tight. Therefore, it is expected that PTA will maintain a rebound before the delivery month. Inventory of polyester fell rapidly, and the start of construction rebounded slightly. However, in the medium term, the demand for textile clothing is expected to be pessimistic in the second half of the year, and the terminal orders will continue to be weak. The demand for polyester is expected to be difficult to effectively increase. In addition, the new capacity of PTA on the 01 contract is huge, and in the medium term, PTA will gradually enter the stage of oversupply. Short-term long 01 short 05,, long PTA and short MEG (before mid-August).