Capital Futures: Oil prices are weak, and PX futures prices are fluctuating and adjusting.

On the cost side, the market is trading on expectations of a recovery in crude oil supply, and international oil prices are oscillating weakly.

On the supply side, Sinopec Yangzi Petrochemical's 890k-ton unit is undergoing maintenance from mid-May to early July, with a potential delay in restart; Hainan Refining & Chemical's 1 million-ton unit will be shut down for maintenance from June 2 for three months, and another 660k-ton unit will reduce production and cut load for three months; Fuhaichuang Group's one 800k-ton unit is under maintenance from April 20 to end of July, while another line is planned for maintenance from late June to end of July; Zhongjin Petrochemical's 1.6 million-ton unit is in maintenance from late May; Zhejiang Petrochemical's one 2.5 million-ton unit recently shut down for maintenance, and another 2 million-ton unit has restarted. Weilian Petrochemical's 2 million-ton unit will shut down for 45 days from June 25; Shenghong Refining & Chemical's 4 million-ton PX plant is gradually cutting production and plans to shut down for 45 days soon. In Malaysia, a 550k-ton unit started maintenance in early May for two months; Thailand's PTTG's one 770k-ton line plans to start maintenance for 40 days from late June to early July. Last week, Asia's PX operating rate fell 2.6 percentage points week-on-week, and domestic PX operating rate fell 3.5 percentage points week-on-week. PX maintenance is concentrated in July, and domestic PX continues to be in a destocking state.

On the demand side, last week, domestic PTA operating rate fell 1.3 percentage points week-on-week, and there are still units under maintenance this week, so PTA operating rate is expected to continue declining. Weaving orders and operating rates show divergence, with knitting performing better than weaving, and grey fabric prices stable. Weaving and polyester operating rates remain stable.

In summary, PX supply is tightening, continuing to destock, but dragged by weak crude oil prices. The short-term PX futures price is expected to oscillate weakly. Focus on crude oil price trends and plant changes. (Capital Futures)