建信期货MEG日报-20250801

1. Report Industry Investment Rating - No relevant information is provided in the content. 2. Core Viewpoints - The current supply - demand structure of ethylene glycol (MEG) is weak, and with the weakening of macro - positive support, the short - term price of MEG is expected to continue the weak trend. Investors should pay attention to short - selling opportunities [7]. 3. Summary by Directory 3.1. Market Review and Operation Suggestions - On the 31st, the main contract 2509 of ethylene glycol futures opened at 4440 yuan/ton, reached a high of 4468 yuan/ton, a low of 4406 yuan/ton, settled at 4432 yuan/ton, and closed at 4414 yuan/ton, down 51 yuan from the previous trading day's settlement price. The total volume was 136,468 lots, and the open interest was 245,445 lots. The EG2601 contract closed at 4441 yuan/ton, down 54 yuan, with an open interest of 29,986 lots, an increase of 2449 lots [7]. 3.2. Industry News - International oil prices rose for three consecutive days due to investors' attention to Trump's more urgent deadline for ending the Ukraine conflict, tariff threats to oil - trading countries, optimism about US agreements with the EU and Japan, and the better - than - expected increase in US Q2 GDP. However, after Fed Chairman Powell's speech on maintaining interest rates, the US dollar index rose, and European and American crude oil futures slightly declined after the market. On Wednesday (July 30), the settlement price of WTI crude oil futures for September 2025 on the New York Mercantile Exchange was $70.00 per barrel, up $0.79 or 1.14% from the previous trading day, with a trading range of $68.45 - $70.51. The settlement price of Brent crude oil futures for September 2025 on the London Intercontinental Exchange was $73.24 per barrel, up $0.73 or 1.01% from the previous trading day, with a trading range of $71.75 - $73.63 [8]. - In the Zhangjiagang ethylene glycol market, the spot negotiation price this week was 4479 - 4481 yuan/ton, down 50 yuan/ton from the previous working day. The negotiation price for next - week's spot was 4479 - 4484 yuan/ton, and that for late August was 4479 - 4484 yuan/ton. The basis of this week's spot was at a premium of 65 - 67 yuan/ton compared to EG2509, next - week's spot was at a premium of 65 - 70 yuan/ton, and the basis for late August was at a premium of 65 - 70 yuan/ton [8]. 3.3. Data Overview - The report presents multiple data charts, including MEG futures prices, spot - futures price differences, international crude oil futures main - contract closing prices, raw material price indices (ethylene), PTA - MEG price differences, MEG prices, MEG downstream product prices, and MEG downstream product inventories, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16].