Report Industry Investment Rating No relevant content provided. Core Viewpoints - The short - term trend of soda ash prices may be oscillating and strengthening, while the medium - to - long - term trend remains bearish. For stock index futures, short - term selling on rallies is recommended. Gold shows signs of upward movement and long positions can be considered. Iron ore should be treated with a wide - range oscillation strategy. Glass is expected to be oscillating and bearish. For palm oil, short opportunities should be grasped. Pulp demand is expected to improve overall, and an oscillating trend is predicted [3][4][6][7][10][12][13][16][17][18][22] Summary by Related Catalogs Soda Ash - On December 16, the main continuous price of soda ash was reported at 1,170 yuan/ton. After a low - level rebound, its short - term trend may be oscillating and strengthening, supported by continuous inventory reduction and long - term industry losses. The SA2601 contract price rose on the 16th, and the basis converged. Short - term long positions can be considered based on the support level of 1,140 - 1,150 yuan/ton, and attention should be paid to the suppression in the range of 1,190 - 1,200 yuan/ton. In the medium - to - long - term, the supply pressure remains high, and the demand is weak, so the price range is expected to move down [3][4] Stock Index Futures - The overall index showed a unilateral downward trend, with a weak rebound in the afternoon and closing with a medium - sized negative line. The Shanghai Composite Index fell below the support level around 3,850, and the market is likely to experience a C - wave decline. Short - term selling on rallies is recommended [6][7] Gold - After a period of sideways oscillation, gold shows signs of upward movement again, and long positions can be attempted [10] Iron Ore - With the commissioning of the Simandou project, the expectation of loose supply is further fermented. On the demand side, except for exports, the domestic demand support in the real estate and infrastructure sectors is weak. Technically, it should be treated with a wide - range oscillation strategy of high - selling and low - buying [12][13] Glass - The daily melting volume has declined, and inventory has decreased again this week, mainly driven by policy - side stimulus and supply - side capacity clearance. Technically, the downward trend has not been reversed, and an oscillating and bearish view should be maintained [16][17] Palm Oil - As the producing areas gradually enter the production - reduction season, if the export of Malaysian palm oil remains weak, there is a possibility of inventory accumulation in December. Short opportunities should be grasped [18] Pulp - With the continuous boost of domestic demand by domestic policies, increased production cuts of overseas pulp mills, and the gradual clearance of backward papermaking production capacity, the demand for commercial pulp is expected to improve overall. An oscillating trend is predicted [22]

金 信 期 货 P T A 乙 二 醇 日 刊 本刊由金信期货研究院撰写 2 0 2 5 / 1 2 / 1 6 GOLDTRUST FUTURES CO.，LTD PTA 主力合约：12月16日PTA主力期货合约TA2605今天下跌0.60%，基差走强至-76元/吨。 ibaotu.com 日度市场情况 基本面：今日PTA华东地区市场价4594元/吨，较前一交易日下跌21元/吨。成本端布伦特原油跌倒60美元附近；供给端PTA产能利用 率73.81%；周度PTA工厂库存天数3.86天，环比减少0.06天。 主力动向：空头主力增仓 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 走势预期：PTA之前检修的产能将逐步开始重启，去库格局不可持续；下游聚酯开工维持高位超预期，预计终端需求或将转弱，关注 聚酯工厂节前提前放假情况。预计PTA市场依旧跟随成本端震荡运行。 MEG GOLDTRUST FUTURES 数据来源：公开资料、Mysteel、金信期货 观点仅供参考，市场有风险，入市需谨 ...

金信期货日刊 本刊由金信期货研究院撰写 2025/12/16 GOLDTRUST FUTURES CO.，LTD 氧化铝价格上涨，后市怎么看？ ibaotu.com 热点聚焦 12月15日氧化铝期货05合约涨2.21%，最高点至2757元/吨，此次上涨是前期超跌后的反弹叠加反内卷政 策刺激，叠加空头获利离场。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 基本面过剩的核心矛盾未变，当前国内氧化铝运行产能超9600万吨，库存达历史峰值且每月仍增量30余万 吨，新疆交割库接近满额，大量到期仓单还将持续压制价格。 需求端电解铝产能受限，对氧化铝需求增量有限，难以消化过剩供应。成本端也无支撑，几内亚铝土矿发 运回升，进口矿价跌至70美元/吨左右，氧化铝成本支撑持续下移。 技术面看，05合约短期压力集中在2800元/吨左右 。若无法突破该压力位，价格大概率回落，且年末难现 大规模减产，只有出现量级检修，价格颓势才可能扭转。 短多对待，抄底操作需格外谨慎。 GOLDTRUST FUTURES ...

金 信 期 货 P T A 乙 二 醇 日 刊 本刊由金信期货研究院撰写 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 走势预期：PTA之前检修的产能将逐步开始重启，去库格局不可持续；PTA加工费持稳在180元左右；下游聚酯开工维持高位超预期， 预计终端需求或将转弱，关注聚酯工厂节前提前放假情况。预计PTA市场依旧跟随成本端震荡运行。 MEG 主力合约：12月15日乙二醇主力期货合约eg2601上涨1.02%，基差走弱至-23元/吨。 2 0 2 5 / 1 2 / 1 5 GOLDTRUST FUTURES CO.，LTD PTA 主力合约：12月15日PTA主力期货合约TA2601今天下跌0.09%，基差走弱至-15元/吨。 ibaotu.com 日度市场情况 基本面：今日PTA华东地区市场价4615元/吨，较前一交易日上涨5元/吨。成本端布伦特原油跌倒61美元附近；供给端PTA产能利用率 73.81%；周度PTA工厂库存天数3.86天，环比减少0.06天。 主力动向：多头主 ...

本刊由金信期货研究院撰写 2025/12/15 金信期货日刊 GOLDTRUST FUTURES CO.，LTD 需求端钢厂高炉开工率下降，铁水产量下滑，对焦煤采购谨慎，竞拍流拍率达30%-50%。且2601合约临 近交割，仓单成本低导致多头接货意愿弱，还将向875元区间靠拢。 焦煤连续多日下跌，后市怎么看？ ibaotu.com 热点聚焦 12月以来焦煤期货跌势显著，主力2605合约逼近1000元关口，2601合约击穿950元支撑位，后续短期仍 趋弱，中期有改善可能。 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则将承担法律责任！包图网将对作品进行维权，按照传播下载次数进行十倍的索取赔偿！ 具体如下 ，短期空头主导格局难逆转，供应端蒙煤口岸通关量长期高位，1 - 11月进口焦煤同比增幅超 15%，完全覆盖国产煤缺口。 中期来看，蒙煤或因气温下降通关量回落，国内部分煤矿也可能提前停产。 而随着焦煤价格下跌，钢厂利润有望修复，铁水减产速率会放缓，春节前备货和冬储补库需求或带动焦煤 价格止跌，届时大概率转为震荡偏强走势，但反弹高度受需求复苏程度限制 。 宏观政 ...

Report Industry Investment Rating - No relevant content provided Core Views - The international crude oil market is expected to remain centered around an oversupply situation for the rest of this year, suppressing prices. In the short - term, crude oil is likely to maintain a weak and volatile pattern. The PX & PTA market is expected to follow cost - end fluctuations in the short term, and attention should be paid to the industrial chain's negative feedback due to early terminal holidays in early January. The domestic ethylene glycol futures price is expected to have wide - range fluctuations. The pure benzene market is expected to have a weak and volatile trend, and the styrene price is expected to fluctuate weakly following the cost end. The Chinese polyester industry shows signs of weakening demand, and the market expects no significant improvement before the Spring Festival [4][5]. Summary by Variety Crude Oil - The IEA has lowered the forecast of next year's global crude oil oversupply since May, but the rest of this year will still be dominated by oversupply, suppressing prices. The Fed's potential interest - rate cuts are a long - term positive factor, and the Ukraine's attack on Russian oil tankers provides short - term support, but the market's sensitivity to the Russia - Ukraine conflict is decreasing. Short - term crude oil is expected to be weakly volatile [4]. PX & PTA - The domestic PX load is stable and remains at a high level, with supply contraction expected in January due to planned maintenance. The tight supply - demand situation supports the increase in PX processing fees. The domestic PTA devices have basically remained unchanged this week, and the downstream polyester load is stable at a high level. However, the terminal weaving industry shows signs of weakening demand, and high - level operation may not be sustainable. The PTA processing margin is around 175 yuan/ton. The price is expected to follow cost - end fluctuations in the short term [4]. MEG - The domestic ethylene glycol operating rate has decreased this week, and the spot price in East China has fallen below 3,600 yuan/ton. Multiple devices have been shut down or reduced production due to low prices. The weakening of upstream international crude oil and coal prices has further weakened cost support. Port inventories have continued to accumulate, which is the core factor suppressing prices. With new maintenance, the inventory accumulation rate may decrease, and there may even be a slight inventory reduction. The domestic ethylene glycol futures price is expected to have wide - range fluctuations [5]. BZ & EB - The domestic pure benzene load has slightly decreased, and the port inventory has rapidly accumulated due to concentrated arrivals. The overseas gasoline - blending logic in the previous market speculation has gradually subsided. The downstream is in the off - season, and demand is weak. The pure benzene market is expected to be weakly volatile. The styrene operating rate is low due to multiple maintenance operations, and the port inventory may remain balanced or slightly decrease before the end of the year. The downstream market shows a differentiated trend, and the overall demand is weak [5]. Polyester Industry - The average weekly capacity utilization rate of the Chinese polyester industry is 86.84%, a decrease of 0.6% from last week. The operating rates of short - fiber and long - fiber production have also declined. The comprehensive operating rate of chemical fiber weaving in the Jiangsu and Zhejiang regions is 63.69%, a decrease of 1.82% from the previous period. The average number of terminal weaving order days is 11.90 days, a decrease of 0.41 days from last week, and the average level of terminal weaving finished - product inventory is 25.58 days, an increase of 0.96 days from last week. The market expects no significant improvement before the Spring Festival [22]. Pure Benzene and Styrene - The pure benzene operating rate is 75.11%, a decrease of 0.17% from last week, and the port inventory has increased to 260,000 tons, an increase of 36,000 tons from last week. The styrene operating rate is 68.29%, a decrease of 0.56% from last week, and the port inventory has decreased to 146,800 tons, a decrease of 13,800 tons from last week. The downstream PS, ABS, and EPS operating rates show different trends, and the demand resilience needs further observation [27].

金信期货日刊 本刊由金信期货研究院撰写 2025/12/12 GOLDTRUST FUTURES CO.，LTD ibaotu.com 热点聚焦 焦煤连续多日下跌，后市怎么看？ 12月11日焦煤再次下跌，主力合约价格报1035.0元/吨，再次跌4.39%. 后续大概率呈短期承压震荡、下跌空间有限，反弹高度受限的态势 ： GOLDTRUST FUTURES CO.，LTD 供应端，国内煤矿受超产核查等约束产量处近年同期低位，但蒙煤通关量高位、海运煤集中到港，12月进 口端仍将持续压制价格 。 需求端，当前铁水日产量232万吨，12月钢厂检修增多将进一步拉低产量，叠加钢厂库存充裕，对焦煤采 购意愿低迷 。 不过当前2601合约价已低于1100元/吨的主流现货仓单成本，且春节前下游存在补库需求，会支撑价格难 再大幅下探 。 而宏观政策利好尚未转化为实质需求，短期多空博弈加剧，主力合约尚未企稳，抄底操作需格外谨慎。 GOLDTRUST FUTURES 数据来源：公开资料、金信期货 观点仅供参考，市场有风险，入市需谨慎 感谢您下载包图网平台上提供的PPT作品，为了您和包图网以及原创作者的利益，请勿复制、传播、销售，否则 ...

1. Report Industry Investment Rating - No relevant content found 2. Core Viewpoints of the Report - On December 11, the PTA market showed an upward trend with a strengthening basis, while the MEG market declined with a weakening basis [2][4]. - The PTA market is expected to follow the cost - end to fluctuate, and its inventory pattern will gradually shift to accumulation. The MEG price may continue to fluctuate at the bottom under the expectation of increased supply and decreased demand [3][4]. 3. Summary According to Relevant Contents PTA - **Main Contract**: On December 11, the PTA main futures contract TA2601 rose 0.69%, and the basis strengthened to - 17 yuan/ton [2]. - **Fundamentals**: The market price in East China was 4645 yuan/ton, up 33 yuan/ton from the previous trading day. Brent crude oil fell below $62, and OPEC+ maintained the decision to suspend production increase in Q1 2026. The PTA capacity utilization rate was 73.81%, and the weekly inventory days of PTA factories were 3.86 days, a decrease of 0.06 days compared to the previous week [3]. - **Main Force Movements**: Short - side main forces reduced their positions [3]. - **Trend Expectation**: The previously overhauled PTA capacity will gradually restart, and the inventory pattern will gradually shift to accumulation. The downstream polyester start - up rate decreased slightly from a high level, and the terminal demand is expected to weaken further. The PTA processing fee is around 170 yuan, and the PTA market is expected to follow the cost - end to fluctuate in the short term [3]. MEG - **Main Contract**: On December 11, the ethylene glycol main futures contract eg2601 fell 2.23%, and the basis weakened to - 32 yuan/ton [4]. - **Fundamentals**: The market price in East China was 3613 yuan/ton, down 55 yuan/ton from the previous trading day. The prices of crude oil and coal both declined. The weekly inventory at East China MEG ports totaled 75.5 tons, an increase of 3.6 tons compared to the previous week [4]. - **Main Force Movements**: There were differences among long - side and short - side main forces [4]. - **Trend Expectation**: MEG continued to accumulate inventory, with a reduced accumulation rate, but the expectation has not been reversed. Some domestic plants have been shut down for maintenance, temporarily relieving the supply - side pressure. However, the maintenance volume at the low absolute price is lower than expected. There are still expected new capacity put into production in the future, and the MEG price may continue to fluctuate at the bottom under the expectation of increased supply and decreased demand [4].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The coking coal market is likely to experience short - term pressure and oscillation, with limited downside and upside potential. The 2601 contract price has fallen below the mainstream spot warehouse - receipt cost, and pre - Spring Festival restocking needs will support the price, but the macro - policy benefits have not translated into actual demand, so short - term long - short games are intensifying, and bottom - fishing operations should be cautious [3][4]. - The stock index futures market showed a pattern of early decline and late stabilization. The operation idea is to maintain a low - buying strategy [8][9]. - The gold market is in a complex oscillation process, which is expected to continue for some time, and the strategy should avoid chasing up and selling down [12]. - The iron ore market has an expectation of loose supply due to the commissioning of the Simandou project. The domestic demand support is weak, and the technical view is wide - range oscillation, with high - selling and low - buying operations [14][15]. - The glass market has a daily melting decline and inventory reduction this week, mainly driven by policy - side stimulus and supply - side clearance. The technical side shows no sign of stabilization, and the view is oscillatory and bearish [17][18]. - The palm oil market has an actual export volume lower than expected, with high inventory and great supply - demand pressure. The Malaysian palm oil inventory is expected to remain at a high level in December, and the afternoon Dalian palm oil futures are expected to open lower. It should be treated with a rebound - based strategy until a clear inventory - reduction signal appears [20]. - The pulp market has rebounded due to multiple factors, but the fundamental changes are not significant. The 03 and 05 contracts have reached the pressure level of 5500 - 5600, and the spot basis has not shown an obvious strengthening trend. The continuous sharp upward movement of the futures price faces great pressure, and it is temporarily judged as wide - range oscillation [22]. 3. Summary of Each Section Hot Focus - On December 10, coking coal prices continued to fall, with the main contract price at 1070.0 yuan/ton, a decline of 1.29% [2]. - On the supply side, domestic coal mine production is at a low level in recent years due to over - production inspections, but high Mongolian coal customs clearance and concentrated arrival of seaborne coal will suppress prices in December. On the demand side, the current daily hot metal output is 2.32 million tons, and more steel mill overhauls in December will further reduce production. Steel mills have sufficient inventory and low procurement willingness for coking coal. However, the 2601 contract price is below the mainstream spot warehouse - receipt cost, and pre - Spring Festival restocking demand will support the price [3]. Technical Analysis - Stock Index Futures - The market was in oscillation today. It opened low and moved lower in the morning, then rebounded after hitting the bottom in the afternoon. The Shenzhen Component Index turned positive in the afternoon, and the ChiNext and STAR Market indices once turned positive. The three major indices all had lower shadows, showing signs of stabilization. The operation idea is to maintain a low - buying strategy [8][9]. Technical Analysis - Gold - The gold market is in a complex oscillation process, which is expected to continue for some time. The strategy should avoid chasing up and selling down [12]. Technical Analysis - Iron Ore - With the commissioning of the Simandou project, the expectation of loose supply is further fermented. On the demand side, except for the remaining strength in exports, the real estate and infrastructure sectors are still in the process of bottom - finding, and domestic demand support is weak. Technically, it should be treated with a wide - range oscillation view, and high - selling and low - buying operations are recommended [14][15]. Technical Analysis - Glass - The daily melting of glass has declined, and inventory has been reduced this week, mainly driven by policy - side stimulus and supply - side clearance. Technically, there is no sign of stabilization, and it should be treated with an oscillatory and bearish view [17][18]. Technical Analysis - Palm Oil - The expected export volume of palm oil was 1.43 - 1.45 million tons, but the actual export was more than 200,000 tons less than expected. In November, Malaysian palm oil inventory was at the second - highest level in the same period of history, and the supply - demand pressure is great. In December, Indonesia has lowered the export tax, and the Malaysian palm oil inventory is expected to remain at a high level. The afternoon Dalian palm oil futures are expected to open lower. It should be treated with a rebound - based strategy until a clear inventory - reduction signal appears [20]. Technical Analysis - Pulp - The pulp market has rebounded due to multiple factors, but the fundamental changes are not significant. The 03 and 05 contracts have reached the pressure level of 5500 - 5600, and the spot basis has not shown an obvious strengthening trend. The continuous sharp upward movement of the futures price faces great pressure, and it is temporarily judged as wide - range oscillation [22].

Report Information - Report Title: Jinxin Futures PTA Ethylene Glycol Daily [1] - Report Date: December 10, 2025 [1] PTA Analysis Market Performance - On December 10, the PTA main futures contract TA2601 fell 0.86%, and the basis strengthened to -19 yuan/ton [2] Fundamental Information - The market price of PTA in East China was 4612 yuan/ton, down 18 yuan/ton from the previous trading day [3] - The cost of Brent crude oil dropped to around $62, and the OPEC+ meeting maintained the decision to suspend production increases in Q1 2026 [3] - The PTA capacity utilization rate was 73.81%, and the weekly PTA factory inventory days were 3.92 days, a week-on-week increase of 0.14 days [3] Main Force Movements - The short main force reduced positions [3] Trend Expectation - The previously shut-down PTA production capacity will gradually restart, and the inventory pattern will gradually shift to accumulation [3] - The downstream polyester start-up rate decreased slightly from a high level, and terminal demand is expected to weaken further [3] - The PTA processing fee has fallen back to around 150 yuan. In the short term, the PTA market is expected to continue to fluctuate following the cost side [3] MEG Analysis Market Performance - On December 10, the ethylene glycol main futures contract eg2601 rose 0.52%, and the basis strengthened to -13 yuan/ton [4] Fundamental Information - The market price of ethylene glycol in East China was 3668 yuan/ton, up 22 yuan/ton from the previous trading day [4] - The prices of crude oil and coal on the cost side both declined, and the weekly inventory at East China MEG ports totaled 71.9 tons, a week-on-week increase of 1.1 tons [4] Main Force Movements - The long main force reduced positions [4] Trend Expectation - Ethylene glycol inventory continues to accumulate, but the accumulation rate has decreased, and the expectation has not been reversed [4] - Recently, some domestic plants have shut down for maintenance, temporarily alleviating the pressure on the ethylene glycol supply side, but the amount of maintenance at low absolute prices is lower than expected [4] - It is expected that there will be new production capacity put into operation in the future, and the ethylene glycol price may continue to fluctuate at the bottom under the expectation of increasing supply and decreasing demand [4]