光大期货煤化工商品日报-20250527

Report Industry Investment Rating - Not provided in the content Core Viewpoints - Urea market shows a weak trend with supply increasing and demand being scattered. The market will continue to face pressure without new positive drivers, but there may be opportunities for a rebound. The outlook is "Oscillating" [2] - The soda ash market fluctuates widely, with supply slightly increasing and demand being stable but with limited support. The market will continue to oscillate at the bottom in the short - term, and there may be some support in the medium - term, while facing pressure in the long - term. The outlook is "Oscillating" [2] - The glass market is firm but with a weakening night - session trend. Supply is stable, demand is weak, and the market will continue to consolidate at the bottom in the short - term. The outlook is "Oscillating" [2] Market Information Summary Urea - On May 26, the urea futures warehouse receipts were 7104, a decrease of 444 from the previous trading day, and the effective forecast was 0 [5] - On May 26, the daily output of the urea industry was 206,800 tons, an increase of 22,000 tons from the previous working day and 355,000 tons from the same period last year. The operating rate was 89.92%, a 10.8 - percentage - point increase from 79.12% in the same period last year [5] - On May 26, the spot prices of small - particle urea in various domestic regions decreased, with Shandong at 1860 yuan/ton (-20), Henan at 1850 yuan/ton (-30), etc. [5] Soda Ash & Glass - On May 26, the number of soda ash futures warehouse receipts was 0, a decrease of 147 from the previous trading day, with an effective forecast of 4781; the number of glass futures warehouse receipts was 0, a decrease of 2358 from the previous trading day [7] - On May 26, the spot prices of soda ash in various regions showed some adjustments, with prices in the southwest and northwest regions decreasing [7] - On May 26, the operating rate of the soda ash industry was 81.59%. The total capacity was adjusted from 39.8 million tons to 41.1 million tons [7] - On May 26, the average price of the float glass market was 1234 yuan/ton, a daily decrease of 3 yuan/ton, and the daily output of the industry was 157,500 tons, remaining unchanged from the previous day [7] Chart Analysis Summary - The content provides multiple charts including those related to urea and soda ash, such as price trends, basis, contract spreads, and spot price trends, but no specific analysis of these charts is provided in the text [10][11][12] Research Team Members - Zhang Xiaojin, the research director of resource products at Everbright Futures Research Institute, focuses on sugar industry research and has won multiple awards [25] - Zhang Linglu, an analyst at Everbright Futures Research Institute, is responsible for researching futures varieties such as urea, soda ash, and glass, and has won many honors [25] - Sun Chengzhen, an analyst at Everbright Futures Research Institute, is engaged in fundamental research and data analysis of varieties such as cotton, cotton yarn, and ferroalloys, and has won relevant honors [25]