Report Industry Investment Rating No relevant content provided. Core Viewpoints Urea - Despite high domestic urea daily production, short - term maintenance led to a decline. The release of aid - related export orders from May to June and the upcoming summer top - dressing season are expected to support the market. However, price increases will be cautious, and the market is likely to fluctuate at a high level in the near term [5]. Crude Oil - Overnight oil prices continued to fluctuate at a high level. In the short term, after the market digests macro - level positives, it may focus on the impact of geopolitical factors on supply. Oil prices are expected to remain at a relatively high level. It is recommended to adopt a wait - and - see approach for unilateral trading, and consider strategies to capture volatility on the options side [14]. Polyester Industry Chain - PX: The supply - demand outlook is improving, but the current spot supply is still loose. Consider opportunities such as long PX05 and short crude oil [18]. - PTA: Supply - demand may gradually weaken, and the absolute price will follow the cost side. TA01 is expected to oscillate between 4800 - 5000 [18]. - Ethylene Glycol: Supply - demand will gradually weaken, and there is pressure on the upside in the medium - to - long term. Pay attention to port inventory and upstream - downstream operating rates [18]. - Short Fiber: The processing fee is expected to be compressed, and the absolute price will follow the cost side. PF02 is expected to operate between 6800 - 7100 [18]. - Bottle Chip: The supply - demand situation remains loose, and the absolute price will follow the cost side. Consider short - term short - selling strategies [18]. PVC and Caustic Soda - Caustic Soda: The supply is in a concentrated maintenance phase, and the demand from the alumina industry is improving. The spot price is rising, and the futures market is strong. Consider short - term short - selling opportunities near the resistance level of 2550 [26]. - PVC: Although the futures market has strengthened slightly, the supply - demand surplus problem persists. It is recommended to wait and see during price rebounds and consider short - selling in the medium term [26]. Styrene - In the short term, styrene is expected to remain strong, but be cautious about chasing high prices. The operating range of 06 is expected to move up to 7000 - 7600. Pay attention to the continuity of spot transactions [29]. Polyolefins (PE and PP) - The supply pressure of plastics will gradually decrease in May. The supply pressure of PP will ease slightly in the second quarter. Pay attention to the restocking and export situation of plastic products [32]. Methanol - The inland valuation has downward pressure, and the supply - demand situation is loose. The port has entered a inventory - building period. It is recommended to short the MA09 contract at high prices [35][37]. Summary by Directory Urea Futures Prices - On May 12, the 01 contract closed at 1801 yuan/ton, up 0.61% from May 9; the 05 contract closed at 1925 yuan/ton, down 0.52%; the 09 contract closed at 1897 yuan/ton, up 0.21%; the methanol main contract closed at 2270 yuan/ton, up 1.93% [1]. Futures Contract Spreads - On May 12, the spread between the 01 and 05 contracts was - 124 yuan/ton, up 14.48% from May 9; the spread between the 05 and 09 contracts was 28 yuan/ton, down 33.33% [2]. Upstream Raw Materials - As of May 13, the prices of upstream raw materials such as anthracite small pieces, steam coal, and synthetic ammonia remained unchanged compared to May 12 [3]. Spot Market Prices - As of May 13, domestic and international spot prices of urea remained unchanged [3]. Supply - Demand Overview - Daily data: Domestic urea daily production decreased by 1.20% to 19.72 million tons on May 8 compared to before. - Weekly data: Domestic urea weekly production increased by 0.21% to 139.60 million tons; factory inventory decreased by 10.58% to 106.56 million tons; port inventory increased by 12.71% to 13.30 million tons [5]. Crude Oil Prices and Spreads - On May 13, Brent crude oil was at 64.96 dollars/barrel, up 1.64% from May 12; WTI was at 61.96 dollars/barrel, up 0.02%; SC was at 474.80 yuan/barrel, up 1.34% [14]. Polyester Industry Chain Upstream Prices - On May 12, Brent crude oil (July) was at 64.96 dollars/barrel, up 1.6% from May 9; WTI (June) was at 61.95 dollars/barrel, up 1.5% [18]. Downstream Product Prices and Cash Flows - On May 12, POY150/48 price was 6675 yuan/ton, up 1.4% from May 9; FDY150/96 price was 6845 yuan/ton, up 1.7% [18]. PX - related - CFR China PX was at 785 dollars/ton on May 12, unchanged from May 9 [18]. PTA - related - PTA East China spot price was 4840 yuan/ton on May 12, up 2.7% from May 9 [18]. MEG - related - MEG port inventory was 75.1 million tons on May 12, down 6.8% from May 6 [18]. PVC and Caustic Soda Spot and Futures Prices - On May 12, Shandong 32% liquid caustic soda equivalent price was 2593.8 yuan/ton, up 1.2% from before; East China calcium - carbide - based PVC market price was 4660 yuan/ton, unchanged [22]. Overseas Quotes and Export Profits - FOB East China port caustic soda was at 395 dollars/ton on May 8, down 1.3% from May 1 [22]. Supply - Demand and Inventory - Caustic soda industry operating rate was 87.5% on May 9, up 1.3% from May 2; PVC total operating rate was 77.9%, up 1.4% [24]. Styrene Upstream and Related Prices - On May 12, Brent crude oil (July) was at 64.96 dollars/barrel, up 1.6% from May 9; WTI (June) was at 61.95 dollars/barrel, up 1.5% [29]. Styrene - related - Styrene East China spot price was 7530 yuan/ton on May 12, up 5.0% from May 9 [29]. Downstream Product Prices and Cash Flows - EPS ordinary material (East China) was at 8250 yuan/ton on May 12, down 1.2% from May 9 [29]. Inventory and Operating Rates - Pure benzene East China port inventory was 13.40 million tons on May 7, up 10.7% from April 30; styrene East China port inventory was 6.25 million tons, down 15.3% [29]. Polyolefins (PE and PP) Prices and Spreads - On May 12, L2505 closed at 7282 yuan/ton, up 0.72% from May 9; PP2505 closed at 7100 yuan/ton, up 0.34% [32]. Operating Rates and Inventory - PE device operating rate was 84.1% on May 12, down 0.91% from before; PP device operating rate was 79.7%, up 7.2% [32]. Methanol Prices and Spreads - On May 12, MA2505 closed at 2338 yuan/ton, up 2.10% from May 9; the spread between MA2505 and MA2509 was 68 yuan/ton, up 7.94% [35]. Inventory and Operating Rates - Methanol enterprise inventory was 30.391% on May 12, up 7.26% from before; upstream domestic enterprise operating rate was 75.65%, up 1.64% [35].

1. Report Industry Investment Ratings No information about industry investment ratings is provided in the reports. 2. Core Views Oils and Fats - Long - term cautious and bearish on palm oil; short - term, Dalian palm oil futures may continue to rise and test the resistance in the 8100 - 8150 yuan range. For soybeans, the US EPA's potential RVO announcement and improved biodiesel profits may boost CBOT soybeans. In China, soybean oil inventories are expected to shift from shortage to surplus, and spot basis will decline [1]. Meal - The Sino - US trade tension has eased, and the reduction in US soybean production and ending stocks estimates has led to a rise in US soybean prices. However, Brazilian supply pressure persists, and domestic soybean arrivals are abundant. The basis is under pressure, but the support around 2900 for US soybeans has strengthened [2]. Live Hogs - Spot prices are stable, with little change in supply - demand. Fat - standard price differentials are narrowing, and the market is expected to remain volatile. The 09 contract is below 14000, with limited room for significant decline or rise [5][6]. Corn - In the short term, corn prices are under pressure due to increased supply and new wheat substitution, but in the long term, they are expected to rise due to supply tightening, reduced imports and substitution, and increased demand [8]. Sugar - Short - term, raw sugar is expected to fluctuate widely between 17 - 20 cents/lb. Domestic sugar supply is expected to be loose, and prices are expected to remain volatile, with the reference range for the main contract at 5800 - 5950 [12]. Cotton - Short - term, domestic cotton prices may fluctuate within a range. The macro environment is more favorable, and attention should be paid to the pressure at 13500 yuan/ton [13]. Eggs - National egg supplies are generally sufficient, demand is average, and prices are expected to decline slightly and then stabilize [14]. 3. Summaries by Related Catalogs Oils and Fats - **Soybean Oil**: On May 12, the spot price in Jiangsu was 8270 yuan, down 20 yuan (- 0.24%) from February 9; the futures price of Y2509 was 7970 yuan, up 44 yuan (0.56%); the basis was 300 yuan, down 64 yuan (- 17.58%) [1]. - **Palm Oil**: The spot price in Guangdong was 8600 yuan, up 50 yuan (0.58%); the futures price of P2509 was 8450 yuan, up 224 yuan (2.72%); the basis was 150 yuan, down 174 yuan (- 53.70%) [1]. - **Rapeseed Oil**: The spot price in Jiangsu was 9380 yuan, down 100 yuan (- 1.05%); the futures price of 01509 was 9400 yuan, down 60 yuan (- 0.63%); the basis was - 20 yuan, down 40 yuan (- 200.00%) [1]. - **Spreads**: Soybean oil 09 - 01 spread was 6 yuan, down 8 yuan (- 57.14%); palm oil 09 - 01 spread was 2 yuan, down 12 yuan (- 85.71%); rapeseed oil 09 - 01 spread was 178 yuan, up 30 yuan (20.27%) [1]. Meal - **Soybean Meal**: The spot price in Jiangsu was 3100 yuan, down 100 yuan (- 3.13%); the futures price of M2509 was 2908 yuan, up 9 yuan (0.31%); the basis was 192 yuan, down 109 yuan (- 36.21%) [2]. - **Rapeseed Meal**: The spot price in Jiangsu was 2460 yuan, down 30 yuan (- 1.20%); the futures price of RM2509 was 2544 yuan, down 7 yuan (- 0.27%); the basis was - 84 yuan, down 23 yuan (- 37.70%) [2]. - **Soybeans**: The spot price of Harbin soybeans was 3980 yuan, unchanged; the futures price of the main contract was 4176 yuan, up 23 yuan (0.55%); the basis was - 196 yuan, down 23 yuan (- 13.29%) [2]. - **Spreads**: The soybean meal 09 - 01 spread was - 40 yuan, up 6 yuan (13.04%); the rapeseed meal 09 - 01 spread was 232 yuan, up 4 yuan (1.75%) [2]. Live Hogs - **Futures**: The main contract basis was 1110 yuan/ton, up 15 yuan (1.37%); the price of LH2507 was 13525 yuan, up 30 yuan (0.22%); the price of LH2509 was 13870 yuan, down 55 yuan (- 0.39%) [5]. - **Spot**: The average spot price in various regions showed little change, with a slight decline in some areas [5]. - **Indicators**: The daily slaughter volume of sample slaughterhouses was 147233, down 62 (- 0.04%); the weekly white - striped pork price was 0 yuan/kg, down 20.9 yuan (- 100%); the weekly piglet price was 26.13 yuan, down 0.9 yuan (- 3.22%) [5]. Corn - **Corn**: The price of C2507 was 2363 yuan, down 12 yuan (- 0.51%); the basis of Jinzhou Port FOB price was - 43 yuan, up 12 yuan (21.82%); the 7 - 9 spread was - 12 yuan, down 2 yuan (- 20.00%) [8]. - **Corn Starch**: The price of CS2507 was 2735 yuan, down 3 yuan (- 0.11%); the basis was - 65 yuan, up 3 yuan (4.41%); the 7 - 9 spread was - 67 yuan, up 5 yuan (6.94%) [8]. Sugar - **Futures**: The price of SR2601 was 5712 yuan/ton, up 32 yuan (0.56%); the price of SR2509 was 2882 yuan, up 46 yuan (0.79%); the ICE raw sugar main contract was 17.82 cents/lb, down 0.17 cents (- 0.95%) [12]. - **Spot**: The spot price in Nanning was 6155 yuan, up 20 yuan (0.33%); the spot price in Kunming was 5985 yuan, up 15 yuan (0.25%) [12]. - **Industry**: The cumulative national sugar production was 1110.72 million tons, up 115.72 million tons (11.63%); the cumulative sales were 724.46 million tons, up 149.81 million tons (26.07%) [12]. Cotton - **Futures**: The price of CF2509 was 13240 yuan/ton, up 290 yuan (2.24%); the price of CF2601 was 13380 yuan, up 255 yuan (1.94%); the ICE US cotton main contract was 66.64 cents/lb, down 0.08 cents (- 0.12%) [13]. - **Spot**: The Xinjiang arrival price of 3128B was 14085 yuan, up 174 yuan (1.25%); the CC Index: 3128B was 14187 yuan, up 65 yuan (0.46%) [13]. - **Industry**: Commercial inventories were 415.26 million tons, down 36.26 million tons (- 8.0%); imports were 7.00 million tons, down 5.00 million tons (- 41.7%) [13]. Eggs - **Prices and Spreads**: The price of the 09 contract was 3800 yuan/500KG, up 33 yuan (0.88%); the price of the 06 contract was 2927 yuan, up 32 yuan (1.11%); the basis was 148 yuan/500KG, up 290 yuan (103.99%) [14]. - **Related Indicators**: The price of egg - laying chicken seedlings was 4.20 yuan/feather, unchanged; the price of culled chickens was 5.25 yuan/jin, up 0.01 yuan (0.19%); the feed - egg ratio was 2.69, up 0.04 (1.51%) [14].

股指期货持仓日度跟踪 投资咨询业务资格： 广发期货研究所 电 话：020-88830760 E-Mail：zhaoliang@gf.com.cn 目录： 股指期货： IF、IH、IC、IM | 品种 | | 主力合 约 | 总持仓点评 | 前二十席位重要变动 | | --- | --- | --- | --- | --- | | 沪深 | 300 | IF2506 | 总持仓明显上升 | 国君多空头均大幅增仓 4000 手以 上 | | 上证 | 50 | IH2506 | 总持仓明显上升 | 国君多空头均增仓 2500 手左右 | | 中证 | 500 | IC2506 | 持仓小幅上升 | 东证多空头均增仓一千手以上 | | 中证 | 1000 | IM2506 | 总持仓稍有上升 | 海通多空头均减仓 1000 手以上 | 股指期货持仓日度变动简评 2025 年 5 月 13 日星期二 证监许可【2011】1292 号 联系信息： 本报告中所有观点仅供参考，请务必阅读正文之后的免责声明。 2025 年 5 月 13 日星期二 广发期货早评 [股指期货] 叶倩宁（投资咨询资格：Z0016628） 电话：0 ...

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氯碱周报 S H ： 现 货 偏 强 带 动 盘 面 ， 关 注 后 续 库 存 变 化 及 氧 化 铝 采 买 意 愿 V ：长线供需矛盾仍突出 ， 宏观驱动显乏力盘面仍弱 广发期货研究所 化工组 金果实 从业资格：F3083706 投资咨询资格：Z0019144 本报告及路演当中所有观点仅供参考，请务必阅读此报告倒数第二页的免责声明 观点及策略建议 烧碱主要观点：中长线看氧化铝利润在扩产过剩下堪忧，对烧碱需求驱动不足且烧碱有新产能投放，届时供需预期偏弱，烧碱中期维持高空思路。短期看烧碱供应端仍处于集 中检修阶段，节前氧化铝需求有所好转、非铝驱动不足，现货节间表现较好支撑价格上提，盘面节后亦有走强。后续关注山东主力氧化铝厂采买意愿及碱厂库容情况。短期反弹暂 观望，思路上维持高空参与为主，近月关注2550附近阻力。 PVC主要观点：PVC供需大的方向看过剩矛盾较为凸显，地产链仍呈弱势下PVC内需驱动不足，出口一季度有支撑但多以价换量。后续看金三银四后内进入梅雨季节终端需求支 撑片乏力；出口方面BIS延期至6月，关注阶段性出口是否有提前放量，若最终落地将对PVC形成利空压制，持续关注进展。整体看PVC长线的过剩 ...

| 産业期现日报 | | | | | | | --- | --- | --- | --- | --- | --- | | 投资咨询业务资格:证监许可 【2011】1292号 2025年5月12日 | | | | 徐艺丹 Z0020017 | | | 铁矿石相关价格及价差 | | | | | | | 品种 | 现值 | 前值 | 涨跌 | 涨跌幅 | 单位 | | 仓单成本:卡粉 | 756.1 | 756.1 | 0.0 | 0.0% | | | 仓单成本:PB粉 | 798.6 | 796.4 | 2.2 | 0.3% | | | 仓单成本:巴混粉 | 783.6 | 781.4 | 2.2 | 0.3% | | | 仓单成本:金布巴粉 | 799.3 | 793.9 | 5.4 | 0.7% | | | 05合约基差:卡粉 | -4.9 | 0.1 | -5.0 | -6500.0% | | | 05合约基差:PB粉 | 37.6 | 40.4 | -2.8 | -6.9% | 元/吨 | | 05合约基差:巴混粉 | 22.6 | 25.4 | -2.8 | -11.2% | | | 05合约基差: 金 ...

原木期货日报 4月18日 涨跌幅 单位 4月25日 涨跌 地区 中国 351.00 351.00 0.0 0.00% -2.41% 194.00 万/立方米 山东 198.8 -4.8 江苏 3.6 116.38 112.76 3.21% 需求: 日均出库量 (周慶) 4月25日 4月18日 地区 涨跌 涨跌幅 单位 中国 6.86 6.51 0.35 5% 0.56 万/立方米 3.86 17% 3.30 山东 江苏 2.36 2.57 -0.21 -8% 原木日均出库量(万方) 原木主要港口库存(万方) 750 650 550 450 350 250 150 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/1 10/111/112/1 1/1 2/1 3/1 4/1 5/1 6/1 7/1 8/1 9/110/111/112/1 1/1 2022 - 2023 ·2024 =2022 =2023 = 2024 辐射松3.8中A现货价(元/立方米) 辐射松4米中A: CFR价(美元/JAS立方米 220 870 200 2022 2050 850 2025 2023 830 Teo 81 ...

1. Report Industry Investment Ratings No investment ratings are provided in the reports. 2. Core Views - **Lithium Carbonate**: The market is bearish with weak fundamentals and high inventory. The price is expected to remain weak, with the main contract ranging from 62,000 to 66,000 yuan/ton [1][3]. - **Tin**: The supply side is expected to recover, while the demand outlook is pessimistic. The price may rebound due to macro - sentiment but is likely to be bearish in the medium - term. Attention should be paid to the supply recovery rhythm [4]. - **Nickel**: The macro - sentiment is temporarily stable, and the cost provides support, but the medium - term supply is abundant. The price is expected to fluctuate, with the main contract ranging from 122,000 to 128,000 yuan/ton [5]. - **Stainless Steel**: The short - term supply - demand contradiction is expanding, and the inventory pressure is slightly relieved. The price is expected to fluctuate weakly, with the main contract ranging from 12,600 to 13,000 yuan/ton [6][7]. - **Zinc**: The supply side may become looser, and the demand is weak. The price may be supported in the short - term, but in the long - term, a short - selling strategy is recommended. The main contract reference range is 21,500 - 23,500 yuan/ton [9]. - **Aluminum**: The alumina price is expected to fluctuate, and the aluminum price is expected to be weak, with the support level at 18,000 - 18,500 yuan/ton [12]. - **Copper**: The copper market shows a "strong reality + weak expectation" pattern. The price is expected to fluctuate in the short - term, with the main contract focusing on the 77,500 - 78,500 yuan/ton pressure level [13]. 3. Summary by Related Catalogs Price and Basis - **Lithium Carbonate**: SMM battery - grade lithium carbonate remained unchanged at 65,250 yuan/ton, while battery - grade lithium hydroxide decreased by 0.23%. The basis (SMM electric carbon benchmark) increased by 10,800% [1]. - **Tin**: SMM 1 tin decreased by 0.99% to 259,600 yuan/ton [4]. - **Nickel**: SMM 1 electrolytic nickel decreased by 0.06% to 124,825 yuan/ton [5]. - **Stainless Steel**: 304/2B (Wuxi Hongwang 2.0 roll) remained unchanged at 13,050 yuan/ton [6]. - **Zinc**: SMM 0 zinc ingot decreased by 0.35% to 22,770 yuan/ton [9]. - **Aluminum**: SMM A00 aluminum decreased by 0.05% to 19,610 yuan/ton [12]. - **Copper**: SMM 1 electrolytic copper decreased by 0.29% to 78,205 yuan/ton [13]. Fundamentals - **Lithium Carbonate**: In April, lithium carbonate production decreased by 6.65%, while demand increased by 3.02%. Inventory increased by 6.81% [1]. - **Tin**: In March, tin ore imports decreased by 4.83%, and SMM refined tin production increased by 8.75% [4]. - **Nickel**: In April, China's refined nickel products increased by 6.08%, and imports decreased by 68.84% [5]. - **Stainless Steel**: In April, China's 300 - series stainless - steel crude steel production decreased by 2.65%, and exports increased by 70.98% [6]. - **Zinc**: In April, refined zinc production increased by 0.31%, and the social inventory increased by 8.18% [9]. - **Aluminum**: In April, alumina production decreased by 6.17%, and electrolytic aluminum production decreased by 2.91% [12]. - **Copper**: In April, electrolytic copper production increased by 0.32%, and the domestic social inventory decreased by 7.33% [13].

| 油脂产业期现日报 | | | --- | --- | | 投资咨询业务资格:证监许可 [2011] 1292号 Z0019938 王浅辉 2025年5月12日 | | | 原田 | | | 5月8日 涨跌 涨跌幅 | | | 现价 江苏一级 8260 30 0.36% | | | 0.33% 期价 | | | 364 360 星差 4 1.11% | | | - | | | 8.80% | | | 棕榈油 | | | 5月8日 张跌幅 涨跌 | | | 0.35% | | | 0.86% | | | P2509 324 364 -40 星差 -10.99% | | | - | | | 0.40% | | | 13.26% | | | 仓单 330 330 0 0.00% | | | 菜籽油 | | | 26666 5月8日 涨跌 涨跌幅 | | | 0.00% | | | 0.64% | | | 墓差 01509 20 80 -60 -75.00% | | | 现货墓差报价 江苏5月 09+120 09 + 100 20 - | | | じ車 1707 1229 478 - | | | 价差 | | | ...

1. Report Industry Investment Ratings No industry investment ratings are provided in the reports. 2. Core Views Urea - Despite high daily production, short - term maintenance led to a decline in daily output. The new export policy allows the release of supportive export orders from May to June, and the upcoming summer top - dressing season in May - June is expected to boost agricultural demand. Market price increases are likely to be cautious, and the futures market is expected to fluctuate at a high level in the near term [3]. Crude Oil - Oil prices continued to rise, driven by the progress of China - US trade negotiations and geopolitical uncertainties. In the short term, the market risk appetite has increased, but no strong trend has been formed yet, and the sustainability of the macro - drive needs to be observed. The monthly - line fluctuation ranges are adjusted to [57, 67] for WTI, [60, 70] for Brent, and [450, 510] for SC [7]. Styrene - Crude oil is expected to be weak in the medium term, putting pressure on chemical products. Pure benzene supply has decreased recently, but overall supply pressure remains due to imports. Styrene downstream demand is weak, and supply is expected to increase. It is recommended to maintain a short - selling strategy for styrene, with the upper resistance for the near - term contract at 7300 [13]. PE and PP - For LLDPE, although imports are expected to decline significantly from May to June and supply pressure will gradually decrease, inventory pressure is still large under the situation of weak supply and demand, and there is a long - term downward risk. For PP, supply pressure eases slightly during the second - quarter maintenance season, but production is still high, demand is weakening, and there is also a long - term downward risk [17]. Caustic Soda - In the medium - to - long term, the demand for caustic soda from alumina is insufficient, and new production capacity is being added, so the supply - demand outlook is weak. In the short term, caustic soda is in the maintenance phase, and the price has been supported. It is recommended to maintain a short - selling strategy, with the near - term resistance at 2550 [26]. PVC - The supply - demand surplus of PVC is prominent. Domestic demand is weak, and exports are mainly based on price - for - volume. The long - term surplus problem is difficult to solve, and the price is expected to remain weak. It is recommended to short on rallies, but there is a risk of price rebound during the maintenance period [26]. Methanol - The inland valuation has a downward pressure. After the spring maintenance, production has recovered, and downstream profits are differentiated. The port has entered a stock - building period, and the MTO low - operation rate suppresses demand. It is recommended to short the MA09 contract on rallies [35][38]. Polyester Industry Chain - PX: Tight supply and short - term strong demand support its price, but the rebound space is limited. PX09 is expected to fluctuate strongly in the short term, and PX9 - 1 is in a short - term positive spread situation [40]. - PTA: The supply - demand pattern remains tight in the short term, and the price is expected to be relatively strong compared to oil prices, but the rebound is suppressed. TA09 is expected to fluctuate strongly in the short term, and TA9 - 1 is in a short - term positive spread and medium - term reverse spread situation [40]. - MEG: Domestic supply is expected to increase in May, but short - term de - stocking is expected due to high polyester load and reduced imports. EG09 is expected to be strong in the short term [40]. - Short - fiber: Inventory pressure is low in the short term, but the driving force is weaker than that of raw materials. The processing fee is under pressure, and the absolute price fluctuates with raw materials [40]. - Bottle - chip: Supply and demand are both strong in the short term, and the absolute price fluctuates with raw materials. The processing fee is supported, and the main - contract processing fee is expected to fluctuate between 350 - 550 yuan/ton [40]. 3. Summary by Relevant Catalogs Urea Futures Prices - The prices of 01, 05, and 09 contracts and the methanol main contract all increased, with increases ranging from 0.22% to 1.26% [1]. Contract Spreads - The spreads of 01 - 05, 05 - 09, 09 - 01, and UR - MA main contracts changed, with changes ranging from - 16.00% to 44.83% [1]. Main Positions - The long and short positions of the top 20 increased, with the long positions increasing by 2.05% and the short positions increasing by 2.51%. The long - short ratio decreased slightly [1]. Upstream Raw Materials - Most upstream raw material prices remained stable, except for the port price of steam - coal in Qinhuangdao, which decreased by 0.78% [1]. Spot Market Prices - Spot prices in most regions increased, with increases ranging from 0.53% to 2.16% [1]. Supply - Demand Overview - Daily production decreased slightly, with a 1.20% decline in domestic daily urea production. Weekly production increased slightly by 0.21%, and factory inventory decreased by 10.58% while port inventory increased by 12.71% [3]. Crude Oil Prices and Spreads - Brent, WTI, and SC prices increased, with increases ranging from 0.34% to 1.34%. Spreads such as Brent - WTI and EFS also changed [7]. Product Prices and Spreads - Prices of NYM RBOB, NYM ULSD, and ICE Gasoil increased, with increases ranging from 0.53% to 0.71%. Spreads also changed [7]. Crack Spreads - Crack spreads of various refined products changed, with increases ranging from 0.28% to 4.28% for some products and decreases for others [7]. Styrene Upstream - Prices of Brent crude oil, CFR Japan naphtha, etc. increased, with increases ranging from 0.8% to 2.5%. The opening rates of domestic pure benzene and styrene increased [10][13]. Spot and Futures - The spot price of styrene in East China decreased slightly by 0.1%, while futures prices EB2506 and EB2507 increased by 1.0% and 1.1% respectively [11]. Overseas Quotes and Import Profits - Overseas quotes of styrene increased slightly, but the import profit decreased by 11.4% [12]. Industry Chain Inventory - Inventories of pure benzene and styrene ports decreased, while inventories of some downstream products also changed [13]. PE and PP Prices and Spreads - PE and PP futures prices mostly decreased, and the spreads between different contracts changed. Spot prices also decreased slightly [17]. Non - standard Prices - Most non - standard PE and PP prices decreased or remained stable [17]. Upstream and Downstream Opening Rates - PE and PP device opening rates decreased, and downstream weighted opening rates also decreased slightly [17]. Inventory - PE and PP enterprise inventories increased, with increases of 38.99% and 19.76% respectively [17]. Caustic Soda and PVC Spot and Futures - For caustic soda, the price of 50% liquid caustic soda in Shandong increased by 0.7%. For PVC, the prices of some futures contracts changed, with increases or decreases [21]. Overseas Quotes and Export Profits - The FOB price of caustic soda in East China decreased by 1.3%, and the FOB price of PVC in Tianjin decreased by 1.6% [22][23]. Supply - The opening rates of the caustic soda and PVC industries increased slightly [24]. Demand - The opening rates of some downstream industries of caustic soda and PVC increased [25][26]. Inventory - The PVC upstream factory inventory and total social inventory increased slightly [26]. Methanol Prices and Spreads - Methanol futures prices increased, and spreads between different contracts and regional spreads also changed [35]. Inventory - Methanol enterprise inventory and port inventory increased, and the weekly arrival volume increased by 12.50% [35]. Upstream and Downstream Opening Rates - The upstream domestic enterprise opening rate increased, and the downstream MTO device opening rate increased [35]. Polyester Industry Chain Upstream Prices - Prices of Brent crude oil, CFR Japan naphtha, etc. increased, with increases ranging from 1.0% to 2.5% [40]. PX - related - PX prices and spreads changed, with the CFR China PX price increasing by 0.9% [40]. PTA - related - PTA prices and spreads changed, and the processing fees of PTA also changed [40]. MEG - related - MEG prices and spreads changed, and the port inventory decreased slightly [40]. Polyester Product Prices and Cash Flows - Prices of POY, FDY, etc. increased, and cash flows and processing fees of polyester products also changed [40]. Industry Chain Opening Rates - Opening rates of various segments in the polyester industry chain changed, with some increasing and some decreasing [40].