Group 1: Investment Ratings - Urea: Bullish [1] - Soda Ash: Upward [1] - Glass: Upward [1] Group 2: Core Views - Urea: On Tuesday, the urea futures price fluctuated widely with a late rise, and the spot market was mostly stable with partial rebounds. The supply level dropped, and the follow - up sentiment of the mid - and downstream slowed. The short - term sentiment is positive, but the rally is limited due to weak fundamentals and price - stabilizing policies. It is recommended to expect a firm and volatile trend [1]. - Soda Ash: On Tuesday, the soda ash futures had a strong performance, and the spot market was mostly stable with price rebounds in the northwest. The industry's operating rate decreased slightly, and there was low - price restocking in the demand side, but high inventory remained. The futures market may stay strong in the short - term, but the supply - demand imbalance persists, so the rally should be viewed with caution [1]. - Glass: On Tuesday, the glass futures price trended upward, and the spot market strengthened. The daily melting volume increased, and the demand sentiment improved. The futures market is bullish in the short - term, but the sustainability needs more drivers [1]. Group 3: Market Information Urea - On July 22, the urea futures warehouse receipts on the Zhengzhou Commodity Exchange were 2,523, unchanged from the previous day, with 0 valid forecasts. The daily output was 188,900 tons, a decrease of 3,300 tons from the previous day and an increase of 6,300 tons from the same period last year. The industry's operating rate was 81.59%, 1.19 percentage points lower than last year. The small - particle urea spot prices in Shandong and Henan increased by 10 yuan/ton, while those in other regions were stable [4]. Soda Ash and Glass - On July 22, the soda ash futures warehouse receipts on the Zhengzhou Commodity Exchange were 236, an increase of 236 from the previous day, with 1,295 valid forecasts; the glass futures warehouse receipts were 0, unchanged. The soda ash spot prices in the northwest increased by 40 yuan/ton. The industry's operating rate was 81.03%, down from 82.23% the previous day. The average price of the float glass market was 1,194 yuan/ton, a daily increase of 4 yuan/ton, and the daily output was 159,000 tons, a daily increase of 60 tons [6][7]. Group 4: Chart Analysis - The report presents multiple charts including those for the closing prices, basis, trading volume, and price differences of urea, soda ash, and glass futures, as well as the spot price trends and the price differences between related futures contracts [9][10][11][12][13][14][16][17][18][19][20] Group 5: Research Team Introduction - The research team includes Zhang Xiaojin, Zhang Linglu, and Sun Chengzhen, who are responsible for different commodity research and have rich experience and many industry honors [23]
光大期货煤化工商品日报-20250723
Guang Da Qi Huo·2025-07-23 06:52