PTA：HOLD SHORT POSITION，SHORT 01 LONG 05
PTA: The 09 contract is relatively strong under the existing spread structure. But the demand is negative feedback, the mid-term trend of PTA is downward, and the 1-5 operation is reversed. The 09 contract is close to delivery. While the overall supply of the spot market is tight, the basis is still strong, and the spread structure is strong. The short-term 09 contract is still regarded as strong contract. In the medium term, the terminal demand is weak, there is not much room for the increase of the load of the polyester factory, and the rigid demand and the reserve demand of the polyester factory are weak. Considering that a large number of PTA and PX units will be put into production soon, the trade structure of PTA is about to reverse, bringing downward pressure on prices. It is recommended to operate in an short position, short 05 long 01.