库存延续累库 乙二醇仍在测试底部支撑过程中

Core Viewpoint - The domestic futures market for ethylene glycol is experiencing fluctuations, with the main contract showing a slight upward trend despite increasing inventory pressures and mixed supply dynamics [1] Group 1: Market Performance - Ethylene glycol futures opened at 3814.00 CNY/ton and reached a high of 3888.00 CNY, with a low of 3791.00 CNY, reflecting an approximate increase of 1.75% [1] - The market is currently showing a strong performance, indicating a potential upward trend in the near term [1] Group 2: Inventory and Supply Dynamics - Port inventory has significantly accumulated to 732,000 tons, with downstream operating rates gradually declining and main port shipments remaining around 8,000 tons [1] - The increase in port inventory and the slight reduction in supply due to more maintenance on nearby ethylene glycol facilities suggest that the market may face downward pressure [1] Group 3: Institutional Insights - Donghai Futures highlights that the accumulation of ethylene glycol inventory exceeds market expectations, with ongoing supply pressures from weak coal prices and high operational rates of synthetic gas production [1] - Southwest Futures notes that the increase in port arrivals continues to contribute to inventory accumulation, indicating potential short-term pressure on ethylene glycol prices [1] - Guotou Anxin Futures points out that the weekly production of ethylene glycol has slightly increased, but the overall supply pressure remains significant due to new capacities and the restart of older facilities, leading to a bearish outlook [1]