CITIC Futures: US-Iran talks are expected to reach an agreement, PX cost support collapses, but the supply and demand pattern remains optimistic

Both Iran and the U.S. are close to reaching a memorandum agreement to end the war, and Iran-U.S. negotiations seem to have shown hope. The market believes that peace talks between the two sides still have the potential to be achieved in the future, leading to a sharp decline in international oil prices and a collapse in cost-side support for PX. Fundamentally, PX maintenance continues, and future PX production will continue to be reduced. Despite multiple PTA units undergoing maintenance, the overall PX remains relatively tight. It is expected that the inventory will be gradually reduced in small steps moving forward, and PXN has certain support. (CITIC Futures)

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