Can The Price Go Up At A Stage? Can PTA Sing This Way?

Get into Five Month, OPEC + To push ahead with the reduction of production, the crude oil has been on the rise, and at the same time, many foreign countries have begun to relax control over the epidemic situation, gradually lift the blockade restrictions, and resume work in succession. In the short term PTA The current price is supported by this, and the profit is better. PTA Whether the market can sing all the way, whether the demand can be restored or not, listen to Xiaobian.

OPEC returned from May 1 holiday + The crude oil production and production reduction agreement was further implemented, while more overseas countries began to relax the epidemic control, and demand expectations continued to improve. PTA The price fluctuated with the potential crude oil, so we saw that crude oil profits led to a rebound in the market. PTA The current market price is supported and profits remain relatively good. In addition, recent domestic PTA The load is high and the market supply is ample. Although the resumption of production in overseas countries is increasing gradually, the promotion of masks and protective clothing has also partially improved the production and sale of polyester parts. However, the overall market demand is still inadequate, and from the perspective of textile and apparel exports in Europe and America, the new order is still scarce. Even if the number of overseas resumed enterprises is increasing, the conduction of demand will still take some time to recover. At least, at present, the information needs to be restored. Five End of month to Six The month is likely to show up.

PTA Monthly balance sheet

The cost tends to be warmer, but there are limitations.

Supply and demand, at present PTA Market supply is loose. Four Month PTA Overall inventory up to Three hundred and fifty-one point zero one Million tons, an increase from last year. Two hundred and thirty-two point two seven Ten thousand tons. Originally in Six Yisheng petrochemical, which was overhauled in January, and Ningbo's Taiwan chemical industry were also postponed to Seven Month overhaul, so in the short term PTA The supply and demand is still dominated by storages. But the marginal volume of the warehouse gradually slowed down. So long Zhong information thinks. PTA In the short term, the impact of the cost side is mainly upward, but the space due to the pressure of crude oil and supply and demand is limited. 3100-3500 Interval shocks are the main ones. Five In June, as the overseas epidemic eased, and foreign enterprises resumed work, the market was more optimistic about the expected demand, and the load gradually shifted. 85% Estimated from the expectation of crude oil. PTA The price has basically reflected market expectations. But overall, judging from crude oil valuation. PTA The upward driving force is relatively limited, and the short-term market still needs to pay attention to the performance of crude oil. As we all know, the impact of crude oil on chemical products is very obvious, especially when the outbreak of domestic and international epidemic occurs, the overall market and the trend of crude oil are most vividly reflected. So it has financial attributes. PTA No exception. Due to the uncertainty of future crude oil trend and the relapse of foreign epidemic situation, it is impossible for us to estimate the expected height of crude oil and the split price difference of naphtha for the time being. PX The processing error is now at the median level for the time being. So in the medium and long term, it also limits. PTA The uplink space.

Supply and demand are loose, but downside is not enough.

In the near future, the domestic market sales situation has been improving as a whole, driving the industry's starting rate to pick up. Some European countries and the United States have lifted the embargo to a certain extent, promoted the resumption of production and resumed production, and the recovery time of textile orders has been earlier than expected, but the overall improvement is not obvious. By Five month Eight The comprehensive starting rate of chemical fiber weaving in Japan, Jiangsu and Zhejiang is 58.63% Ring up Seven point four four A percentage point. Although the terminal is showing signs of warming, the new orders are still not smooth, and the downstream users have concentrated their positions. At present, the downstream purchasing keeps the rigid demand. Overall, the downstream polyester market is rather cold. Therefore, the overall production and sales improvement of downstream polyester still needs to wait. Five Month PTA Social inventories are again high to a high probability, and processing fees continue to be high. PTA It is now in the market, or continuation of the trend of recovery, but in the case of no clear improvement in the downstream demand and weak base maintenance, the short term PTA The overall downward momentum is also limited.