Report Summary 1. Report Industry Investment Rating No investment rating information is provided in the report. 2. Core View of the Report - The ethylene glycol (MEG) price showed a weak trend this week due to weaker - than - expected demand and increased supply from new device launches. The supply - side pressure will continue to increase, and the supply - demand structure is expected to weaken, leading to a downward - trending market price. - Next week, the cost side may see oil prices fluctuate due to geopolitical factors and cooling expectations. The supply side will face greater pressure as more capacity is set to restart than to be under maintenance in October. The demand side is expected to have a light sales performance during and after the holiday. Port inventory is likely to rise slightly in the short term. - Overall, MEG is expected to trade in the range of 4,150 - 4,300 yuan/ton, and it is advisable to stay on the sidelines [6]. 3. Summary by Directory 3.1 Main View - This week, MEG prices were weak. The reasons were weaker - than - expected demand and new device launches. In September, the downstream polyester and weaving industries had a slow start - up speed. There are still multiple new devices planned for trial runs and some long - shut - down devices are set to restart, increasing supply - side pressure. - Next week, on the cost side, geopolitical disturbances may boost oil prices, but cooling expectations could lead to a fluctuating oil price. On the supply side, more capacity will restart than be under maintenance in October. On the demand side, a 1.1 - million - ton polyester device in South China is restarting and ramping up, with no other major devices planned for restart or maintenance. Some downstream industries plan to reduce their loads during the holiday. In terms of port inventory, imports are expected to be concentrated around the National Day, and port shipments will decline during the holiday, so short - term port inventory may rise slightly. - MEG is expected to trade in the range of 4,150 - 4,300 yuan/ton, and it is recommended to stay on the sidelines [6]. 3.2 Futures and Spot Market - **Futures Market**: New device launches suppressed the futures market. This week, the trading volume was 544,000 lots, and the open interest was 326,000 lots (a decrease of 31,000 lots). On September 29, the closing price of the MEG main contract was 4,224 yuan/ton, a decrease of 16 yuan/ton from September 22, with a change of - 0.38%. The settlement price on September 29 was 4,225 yuan/ton, a decrease of 24 yuan/ton from September 22, with a change of - 0.56% [8][11][13]. - **Spot Market**: The high - end spot price was 4,363 yuan/ton on September 22, and the low - end was 4,270 yuan/ton on September 23. In different regions, prices in Fujian, Zhangjiagang, and Dongguan decreased by 31 yuan/ton, 61.8 yuan/ton, and 31 yuan/ton respectively. The foreign - market price was 510.1 US dollars/ton, a decrease of 5 US dollars/ton. The average basis this week was 81.25 yuan/ton, compared with 100 yuan/ton last week. The domestic and foreign markets of MEG remained inverted, with a spread of 85 - 110 US dollars/ton [15]. 3.3 MEG Device, Inventory, and Production Profit - **Device Operation**: From September 24 - 29, the comprehensive MEG operating rate was 69.98%, compared with 70.80% from September 17 - 23. The operating rates of petroleum - based, coal - based, and methanol - based production were 74.39%, 63.49%, and 62.43% respectively. During the week, the Zhonghai Shell device returned to normal after a short - term load fluctuation due to an upstream device failure, and the Fujian United and Sanjiang devices adjusted their loads slightly [19][22][24]. - **Production Profit**: The price of thermal coal increased slightly, while the MEG spot price continued to weaken. This week, the profit of coal - based MEG was further compressed. The current profits of MTO, coal - based, and ethylene - based production were - 1,532.58 yuan/ton, 295.13 yuan/ton, and - 128.15 US dollars/ton respectively, compared with - 1,495.10 yuan/ton, 354.69 yuan/ton, and - 139 US dollars/ton in the previous period [31][33]. - **Port Inventory**: There will be many foreign - market arrivals during the holiday, and large ships from Canada and Saudi Arabia will arrive at the port in a concentrated manner. It is expected that the MEG port inventory will increase significantly after the holiday. As of September 25, the MEG port inventory was 398,500 tons, an increase of 29,300 tons from the previous period, with a month - on - month change of 8.53%. Among them, the inventory in Zhangjiagang, Jiangyin, Taicang, Ningbo, Shanghai, and Changshu changed by 14,300 tons, - 2,000 tons, 10,000 tons, 11,000 tons, and - 4,000 tons respectively [35][37]. 3.4 Fundamental Analysis - **Cost Side**: The slow progress of the Iran nuclear negotiations poses potential support to the oil market due to geopolitical and supply risks [43]. - **Supply and Demand of Downstream Products**: - The average weekly load of polyester factories was 88.35%, and that of Jiangsu and Zhejiang looms was 68.49%. The market average prices of semi - bright POY150D/48F, DTY150D/48F, and FDY150D/96F decreased by 1.63%, 1.26%, and 2.23% respectively. The average price of polyester staple fiber in the East China market decreased by 0.82%, and the average price of polyester bottle chips in the East China region decreased by 0.84%. - As the long holiday approaches, the sentiment of the polyester downstream has changed, leading to an increase in procurement and polyester sales. From September 22 - 28, the average weekly polyester sales were estimated to be over 70%. - Due to polyester promotions, downstream enterprises stocked up, and the inventory of polyester filament decreased this week. As of September 25, the average inventory days of POY, FDY, and DTY were 18.80 days, 25.70 days, and 29.50 days respectively. The inventory days of polyester staple fiber remained stable, and the inventory days of polyester chips decreased by 0.69 days [47][56][60].

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core View The expectation of the Fed's interest - rate cut and fiscal easing in multiple countries, along with production disruptions in overseas copper mines leading to a tight supply - demand outlook, may make the price of Shanghai copper more likely to rise than fall [2]. 3. Summary by Relevant Content Market Data - **Shanghai Copper Futures**: On September 29, 2025, the closing price was 82370 yuan, down 100 yuan from the previous day; trading volume was 138460 lots, a decrease of 36165 lots; open interest was 213792 lots, a reduction of 15258 lots; inventory was 25603 tons, down 954 tons. The spot - futures basis and various copper price differentials also showed corresponding changes [2]. - **London Copper**: The LME 3 - month copper futures closing price (electronic trading) on September 29, 2025, was 10428.5 US dollars, up 223.5 US dollars from the previous day. The LME copper futures 0 - 3 - month and 3 - 15 - month contract spreads had positive changes [2]. - **COMEX Copper**: The closing price of the active copper futures contract on September 29, 2025, was 4.906 US dollars, an increase of 0.12 US dollars from the previous day, and the total inventory was 323207 tons, up 2151 tons [2]. Supply - Demand Analysis - **Supply Side**: Disruptions in the production of multiple domestic and foreign copper mines have led to a negative China copper concentrate import index, which has increased compared to last week. This has tightened the supply - demand expectation of domestic copper concentrates. The processing fees of domestic blister copper or anode plates are trending down, and the maintenance capacity of copper smelters from September to October has increased month - on - month [2]. - **Demand Side**: With the significant increase in copper prices, downstream buyers mainly make purchases based on rigid demand [2]. - **Inventory Side**: The social inventory of electrolytic copper in China has increased compared to last week; the inventory of electrolytic copper on the London Metal Exchange has decreased, and the inventory of COMEX copper has increased [2]. Trading Strategy Investors are advised to mainly establish long positions when prices decline. Pay attention to the support level around 78000 - 81000 yuan and the resistance level around 83000 - 86000 yuan for Shanghai copper, the support level around 9800 - 10000 US dollars and the resistance level around 10500 - 10800 US dollars for London copper, the support level around 4.3 - 4.5 US dollars and the resistance level around 4.8 - 5.0 US dollars for COMEX copper [2].

Report Industry Investment Rating - Not provided in the report Core View - The report suggests paying attention to low - buying opportunities for methanol. Although the short - term upward drive is limited due to high port inventory and insufficient restocking power of MTO enterprises, considering the low spot price in East China, the approaching traditional downstream peak season, and the possible gas - restriction expectation in Iran, the port inventory pressure may decrease in the future [1]. Summary by Relevant Catalogs 1. Futures and Spot Prices and Basis - **Methanol Futures Prices (Closing Prices)**: MA01 increased from 2355.00 yuan/ton to 2359.00 yuan/ton, up 0.17%; MA05 rose from 2384.00 yuan/ton to 2388.00 yuan/ton, up 0.17%; MA09 increased from 2343.00 yuan/ton to 2345.00 yuan/ton, up 0.09% [1]. - **Methanol Spot Prices (Daily Average)**: Prices in Shandong, Sichuan - Chongqing, Hubei, and Inner Mongolia remained unchanged; prices in Taicang decreased by 0.33% to 2250.00 yuan/ton, in Guangdong dropped by 0.22% to 2260.00 yuan/ton, and in Shaanxi increased by 1.20% to 2105.00 yuan/ton [1]. - **Basis**: The basis of Taicang spot - MA decreased by 11.50 yuan/ton [1]. 2. Raw Material Prices - **Coal Spot Prices**: The price of Bohai Rim Q5500 decreased by 0.95% to 520.00 yuan/ton, Datong Q5500 dropped by 0.85% to 582.50 yuan/ton, and Yulin Q6000 decreased by 2.07% to 592.50 yuan/ton [1]. - **Industrial Natural Gas Prices**: Prices in Hohhot and Chongqing remained unchanged at 3.21 yuan/cubic meter and 3.14 yuan/cubic meter respectively [1]. 3. Profit Situation - **Methanol Production Profit**: Coal - based methanol profit increased by 1.92% to 334.80 yuan/ton, while natural - gas - based methanol profit remained unchanged at - 422.00 yuan/ton [1]. - **MTO Profit**: Northwest MTO profit decreased by 43.56% to - 58.00 yuan/ton, and East China MTO profit increased by 0.08% to - 622.57 yuan/ton [1]. - **Methanol Downstream Profit**: Acetic acid profit increased by 3.29% to 566.17 yuan/ton, MTBE profit increased by 16.69% to 444.64 yuan/ton, and profits of formaldehyde and DME remained unchanged [1]. 4. Information - **Domestic Futures Information**: The main methanol contract MA2601 fluctuated within a range, opening at 2360 yuan/ton, closing at 2359 yuan/ton, up 7 yuan/ton. Trading volume was 426,001 lots, and open interest was 869,500, showing a decrease in volume and open interest [1]. - **Foreign Information**: A 1.75 - million - ton methanol plant in Southeast Asia is restarting after a short - term shutdown and maintenance [1].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - In Q4 2025, the domestic steel market is expected to move forward in the game between weak reality and strong expectations, likely continuing the pattern of weak shocks. Without an increase in domestic demand, the contribution of demand growth mainly depends on external demand. Domestic prices are suppressed by export prices and do not have the driving conditions for a significant rebound. A substantial turnaround requires stronger domestic demand improvement or external positive drivers. Currently, the spot profit of rebar in some northern regions is in deficit, and the motivation for hot metal conversion is insufficient. The high output of hot-rolled coils may be adjusted through profit contraction, so there is a driving force for the spread between hot-rolled coils and rebar to narrow [1][5][60]. 3. Summary According to Relevant Catalogs 3.1. Market Review - In Q3 2025, the prices of the black series soared and then fluctuated in a wide range. The supply-demand structures of different varieties showed differences, and the prices showed significant differentiation. In the raw material sector, the overall demand remained high, and supply determined the price fluctuation range. Coking coal prices were firm due to supply contraction expectations, with a cumulative increase of over 40% in Q3; coke prices were relatively stable, with a cumulative increase of 23%; iron ore prices were stable overall, with the Platts Index rising 12% in Q3. The demand for scrap steel increased, but the cumulative increase in Q3 was only 3%. In terms of finished products, from January to August 2025, both production and sales of crude steel increased, with the supply growth rate exceeding the demand growth rate. External demand contributed the main demand growth, and domestic demand was significantly differentiated. Building materials consumption decreased by 5% year-on-year, while plate consumption increased by 2.5%. Steel direct exports were stronger than expected, with a 9.6% year-on-year increase from January to August, and there were significant changes in export destinations and varieties. Driven by steel mill profits, production remained at a high level, with a cumulative crude steel production growth rate of 4.6% in the first eight months [5]. 3.2. Steel Supply and Demand Analysis 3.2.1. Macro: Policy Intensification to Stabilize Expectations, Economic Momentum to Be Converted - The domestic economy is seeking a balance between policy support and structural transformation, featuring a gradual recovery of domestic demand and continuous pressure on external demand. The GDP growth rate in Q4 is expected to be about 4.6% to support the annual growth target of 5%. On the demand side, there is a differentiation between old and new driving forces. General infrastructure investment maintains high growth, and consumption is expected to recover moderately but lacks strong demand support. External demand faces the risk of negative growth in December due to tariff policy uncertainty in exports to the United States, but diversified trading partners and the advantages of mechanical and electrical products offset some external shocks. On the supply and policy front, industrial production grows rapidly, but the problem of structural overcapacity in the industrial sector remains unresolved. Policy counter-cyclical adjustment is precise, and the CPI is expected to rise to around 0.3% by the end of the year, while the decline of PPI is expected to narrow further [10]. 3.2.2. Steel Demand Analysis - **Real Estate**: From January to August 2025, real estate development investment, construction area, new construction area, sales area, and sales volume all declined year-on-year, and the decline in sales area and volume widened compared to the first half of the year. The supply of new real estate land decreased, and the inventory pressure was high. Therefore, the steel demand for real estate in Q4 2025 is expected to continue to shrink [17][18]. - **Infrastructure**: From January to August 2025, the cumulative growth rate of small-caliber infrastructure investment dropped to 2%, and the single-month decline in August expanded. The improvement of traditional infrastructure demand was limited, mainly due to factors such as debt repayment pressure and reduced consumption intensity. The implementation of physical volume in Q4 needs to be observed. Although the large-caliber infrastructure growth rate is relatively high, which offsets some downward pressure, the overall improvement of infrastructure demand is relatively limited [24]. - **Manufacturing Investment**: In 2025, the central government made comprehensive arrangements for expanding effective investment, and local governments implemented relevant policies to support manufacturing investment. From January to August 2025, the cumulative growth rate of China's manufacturing investment was 5.1%, higher than the overall growth rate of fixed - asset investment but showing a slowdown. The decline in July and August was significant due to factors such as the rapid release of equipment renewal funds in the first half of the year, rising bases, and anti - involution policies. Currently, industrial enterprises are in the active de - stocking stage, and PPI is still in a downward cycle. In Q4 2025, manufacturing investment is expected to continue the downward trend, but demand still has some resilience [31][32]. - **Exports**: From January to August 2025, the cumulative steel export volume was 77.51 million tons, a year-on-year increase of 9.6%, stronger than expected. There were significant changes in export destinations and varieties. Exports to some countries decreased, while exports to Southeast Asia, Africa, and the Middle East increased. The export volume of billets increased significantly, with a year-on-year growth of 292% in the first eight months. It is expected that steel exports will remain at a high level in Q4, but the year-on-year growth rate may decline [36]. 3.2.3. Supply Analysis - From January to August 2025, the cumulative output of pig iron (according to Steel Union data) increased by 3% year-on-year, and the cumulative output of crude steel increased by 0.2% year-on-year. The profitability of steel enterprises improved overall in 2025, but there were significant differences among enterprises. In the first three quarters, steel enterprises' profitability improved due to factors such as falling raw material costs and anti - involution policies. However, in Q4, the industry faces challenges such as weak demand and rising costs [46]. 3.3. Crude Steel Balance Sheet Deduction and Conclusion - The balance sheet data shows that from January to August 2025, the cumulative consumption of crude steel was 628 million tons, an increase of 13.8 million tons, with a cumulative increase of 2.25%; the cumulative production of crude steel was 726 million tons, an increase of 31.93 million tons, with a cumulative increase of 4.6%. The increase in crude steel consumption in the first three quarters was mainly reflected in external demand, and domestic demand was still relatively weak. The supply - demand gap was at a relatively high level in the same period in recent years. Although demand improved seasonally in September, the overall increase was limited. Market - based production cuts in Q4 will lead to a new balance between supply and demand [60].

王文虎(F03087656,Z0019472),联系电话:010-82293558 | 電源期 | 贵金属日评20250930:美国政府关门危机及地缘政治风险支撑贵金属价格 | | --- | --- | | 交易日期 | 2025-09-29 2025-09-26 2025-09-23 较昨日变化 较上周变化 | | 收盘价 | 866. 52 856. 06 855. 44 10. 46 11.08 成交重 333591.00 270430.00 258495.00 63.161.00 75, 096. 00 期货活跃合约 持仓重 263220.00 264305.00 271554.00 -1, 085. 00 -8, 334. 00 | | 库存(十克) | 68628.00 65826. 00 59013.00 2, 802. 00 9. 615. 00 上海黄金 收盘价 862. 50 852. 90 849. 58 9. 60 12. 92 (元/兄) | | 现货沪金T+D | 成交堂 61916.00 50644. 00 53156.00 11, 272. 00 8, 760. 00 持仓量 ...

Report Investment Rating - No investment rating provided in the report. Core Viewpoint - On September 29, the main contract of lithium carbonate futures opened low and moved high. The spot market trading was weak, and the basis changed from premium to discount. Currently, both supply and demand are strong, with little inventory pressure upstream. The expectation of lithium ore supply contraction has weakened, downstream inventory has peaked, and the demand peak may be approaching. It is expected that the lithium carbonate price will fluctuate at a low level. The report suggests a wait - and - see approach [1]. Summary by Relevant Information Futures Market - **Prices**: On September 29, the closing prices of the near - month contract, consecutive first - month contract, consecutive second - month contract, and consecutive third - month contract of lithium carbonate futures were 73,760 yuan/ton, 73,920 yuan/ton, 73,900 yuan/ton, and 73,900 yuan/ton respectively, with increases of 1,080 yuan/ton, 1,040 yuan/ton, 1,080 yuan/ton, and 1,080 yuan/ton compared to the previous trading day [1]. - **Volume and Open Interest**: The trading volume was 465,591 lots (-15,429), and the open interest was 251,749 lots (+3,109) [1]. - **Inventory**: The registered warehouse inventory was 41,119 tons (+790) [1]. - **Spreads**: The spread between the near - month and consecutive first - month contracts was - 160 yuan/ton (+40), the spread between the consecutive first - and second - month contracts was 20 yuan/ton (-40), and the spread between the consecutive second - and third - month contracts was 0 yuan/ton (0). The basis (SMM battery - grade lithium carbonate average price - lithium carbonate active contract closing price) was - 370 yuan/ton (-1,090) [1]. Spot Market - **Lithium Ore**: The average price of lithium spodumene concentrate (6%, CIF China) was 858 US dollars/ton (+1), the average prices of different grades of lithium mica remained unchanged, and the average prices of different grades of phospho - lithium - aluminum stone remained unchanged [1]. - **Lithium Compounds**: The average price of battery - grade lithium carbonate (99.5% domestic) was 73,550 yuan/ton (-50), the average price of industrial - grade lithium carbonate (99.2% domestic) was 71,300 yuan/ton (-50), and the average price of battery - grade lithium hydroxide (56.5% domestic, different types) decreased by 150 yuan/ton. The price of lithium hexafluorophosphate (99.95% domestic) increased by 2,000 yuan/ton to 60,250 yuan/ton [1]. - **Battery Materials**: The average prices of various ternary precursors and materials increased, the average prices of different types of lithium iron phosphate decreased by 10 yuan/ton, the average price of cobalt acid lithium (60%, 4.35V/ domestic) increased by 16,000 yuan/ton to 276,000 yuan/ton, and the average price of electrolytic cobalt (≥99.8%/metal, ingot) increased by 13,500 yuan/ton to 323,500 yuan/ton [1]. Supply and Demand - **Supply**: Last week, lithium carbonate production increased, and Core Lithium terminated its off - take agreement with Ganfeng Lithium, which will release the full production capacity of its Finniss lithium project [1]. - **Demand**: Last week, the production of lithium iron phosphate and ternary materials increased. In September, the production schedules of cobalt acid lithium and lithium manganate increased. The production of power batteries was basically flat last week. In August, the year - on - year growth rate of new energy vehicle production and sales slowed down, the 3C shipments were average, and the production schedule of energy - storage batteries increased in September [1]. Inventory - The total SMM lithium carbonate inventory was 136,825 tons, with smelters and other sectors reducing inventory and downstream sectors accumulating inventory [1].

| | | 尿素早评20250930:假期注意持仓风险 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | 日度 | 变化值 変化值 单位 | | 9月28日 | 9月26日 | | | | | | UR01 | 元/吨 | 1664.00 | 1669.00 | (绝对值) -5.00 | (相对值) -0.30% | | | 尿素期货价格 | UR05 | 元/吨 | 1715.00 | 1720.00 | -5.00 | -0.29% | | | (收盘价) | UR09 | 元/吨 | 1735.00 | 1740.00 | -5.00 | -0.29% | | | | 山东 | 元/吨 | 1600.00 | 1600.00 | 0.00 | 0.00% | | 期现价格 | | 山西 | 元/吨 | 1490.00 | 1490.00 | 0.00 | 0.00% | | | 国内现货价格 | 河南 | 元/吨 | 1610.00 | 1610.00 | 0.00 | 0.00% | | | (小顆粒) | 河北 | ...

| 贵金属日评20250929:全球财政赤字扩张预期支撑贵金属价格 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 较昨日变化 | 较上周变化 | 2025-09-26 | 2025-09-25 | 2025-09-22 | 收盘价 | 854. 72 | 1.34 | 856. 06 | 846. 50 | 9. 56 | | | | | 成交量 | 270430.00 | 270576.00 | 230847.00 | -146.00 | 39, 583. 00 | 期货活跃合约 | 持仓量 | 264305.00 | 266629.00 | 260256.00 | -2, 324. 00 | 4, 049. 00 | | | | 库存(十克) | 57429.00 | 8. 397. 00 | 65826.00 | 65634.00 | 192. 00 | 上海黄金 | 收盘价 | 0. 91 ...

王文虎(F03087656,Z0019472),联系电话:010-82293558 | 贵金属日评20250929:全球财政赤字扩张预期支撑贵金属价格 | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 交易日期 | 较昨日变化 | 较上周变化 | 2025-09-26 | 2025-09-25 | 2025-09-22 | 收盘价 | 854. 72 | 1.34 | 856. 06 | 846. 50 | 9. 56 | | | | | 成交量 | 270430.00 | 270576.00 | 230847.00 | -146.00 | 39, 583. 00 | 期货活跃合约 | 持仓量 | 264305.00 | 266629.00 | 260256.00 | -2, 324. 00 | 4, 049. 00 | | | | 库存(十克) | 57429.00 | 8. 397. 00 | 65826.00 ...

Group 1: Report Industry Investment Rating - Not provided in the report Group 2: Core View of the Report - The report suggests paying attention to low - buying opportunities for methanol. Although the short - term upward drive is limited due to high port inventory and low downstream profit, considering the low price of East China spot, traditional downstream peak season, and potential gas restriction in Iran, the port inventory pressure may decrease, and it is advisable to wait for long - buying opportunities [1] Group 3: Summary According to Relevant Catalogs 1. Price Information - **Futures Prices**: MA01 decreased by 1 yuan/ton (-0.04%) to 2355 yuan/ton, MA05 dropped 4 yuan/ton (-0.17%) to 2384 yuan/ton, and MA09 fell 6 yuan/ton (-0.26%) to 2343 yuan/ton [1] - **Spot Prices**: Increases were seen in some regions like Taicang (up 10 yuan/ton, 0.44% to 2257.50 yuan/ton) and Guangdong (up 15 yuan/ton, 0.67% to 2265 yuan/ton), while prices in some areas remained unchanged, and Inner Mongolia rose 5 yuan/ton (0.24%) to 2090 yuan/ton [1] - **Cost Prices**: Coal prices decreased, with Bohai Rim Q5500 down 10 yuan/ton (-1.87%) to 525 yuan/ton, Datong Q5500 down 15 yuan/ton (-2.49%) to 587.50 yuan/ton, and Yulin Q6000 down 7.5 yuan/ton (-1.22%) to 605 yuan/ton. Industrial natural gas prices in some areas remained stable [1] 2. Profit Information - **Methanol Production Profit**: Coal - based methanol profit remained at 328.50 yuan/ton, and natural - gas - based methanol profit stayed at - 422 yuan/ton [1] - **Downstream Profit**: Northwest MTO profit decreased by 10 yuan/ton (-32.89%) to - 40.40 yuan/ton, and East China MTO profit dropped 21 yuan/ton (-3.49%) to - 623.07 yuan/ton. Acetic acid profit increased 1.08 yuan/ton (0.20%) to 548.11 yuan/ton, while other downstream products' profits remained stable [1] 3. Important Information - Domestic methanol futures: The main contract MA2601 first rose then fell, opening and closing at 2355 yuan/ton, down 2 yuan/ton, with trading volume of 556,255 lots and open interest of 885,132 lots, showing increased volume and decreased open interest [1] - Foreign information: A 1.75 - million - ton methanol plant in Southeast Asia is restarting after a short - term shutdown for maintenance [1] 4. Trading Strategy - Pay attention to opportunities for buying on dips [1]