PX and PTA are primarily driven by crude oil in the short term, facing certain negative feedback pressures. However, PX supply is tight with limited flexibility and a favorable market structure, still holding potential for allocation. The medium-term outlook remains bullish with a low entry point and long positions; PTA currently has operational flexibility, but high processing fees are difficult to sustain, and the main trend continues to follow PX; polyester is mainly cost-driven. (Hundun Tiancheng Futures)
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Chaos Tiancheng Futures: PX and PTA are primarily driven by crude oil in the short term
PX and PTA are primarily driven by crude oil in the short term, facing certain negative feedback pressures. However, PX supply is tight with limited flexibility and a favorable market structure, still holding potential for allocation. The medium-term outlook remains bullish with a low entry point and long positions; PTA currently has operational flexibility, but high processing fees are difficult to sustain, and the main trend continues to follow PX; polyester is mainly cost-driven. (Hundun Tiancheng Futures)