光大期货煤化工商品日报-20250815

Group 1: Report Industry Investment Ratings - Urea: Oscillating [1] - Soda Ash: Oscillating [1] - Glass: Oscillating [1] Group 2: Core Views of the Report - Urea futures prices declined weakly on Thursday, with the 09 contract closing at 1,715 yuan/ton, a 0.75% drop, and the 01 contract at 1,726 yuan/ton, a 1.76% decline. The spot market was weak, and some mainstream regions saw slight price cuts. Supply was stable, while demand was weak, and there may be price cuts for sales in the future. The futures market will continue to oscillate slightly, and short - term sentiment is weak [1]. - Soda ash futures prices were firm and oscillating on Thursday, with the 01 contract closing at 1,400 yuan/ton, a 0.36% decline, and the 09 contract at 1,294 yuan/ton, a 0.08% increase. The spot market was mostly stable, but prices in some regions dropped. Supply pressure increased, and demand was weak. The futures market is driven by certain expectations, and the price difference between months has widened, but the supply - demand situation is still weak [1]. - Glass futures prices were weakly oscillating on Thursday, with the 01 contract closing at 1,220 yuan/ton, a 1.37% decline, and the 09 contract at 1,053 yuan/ton, a 2.23% decline. The spot market was weak, and demand was insufficient, but the trading atmosphere was slowly improving. The futures market is affected by external factors and will continue to oscillate slightly in the short term [1]. Group 3: Summary by Relevant Catalogs Market Information - Urea - On August 14, the number of urea futures warehouse receipts on the Zhengzhou Commodity Exchange was 3,823, unchanged from the previous trading day, with 50 valid forecasts [4]. - On August 14, the daily output of the urea industry was 194,400 tons, an increase of 3,200 tons from the previous working day and 24,100 tons from the same period last year. The daily start - up rate was 83.97%, a 6.73% increase from 77.24% in the same period last year [4]. - On August 14, the spot prices of small - particle urea in various domestic regions were as follows: Shandong 1,720 yuan/ton, a 10 - yuan decline; Henan 1,740 yuan/ton, unchanged; Hebei 1,740 yuan/ton, a 10 - yuan decline; Anhui 1,740 yuan/ton, unchanged; Jiangsu 1,730 yuan/ton, unchanged; Shanxi 1,620 yuan/ton, unchanged [4]. - On August 13, the inventory of domestic urea enterprises was 957,400 tons, a weekly increase of 69,800 tons, or 7.86% [4]. Market Information - Soda Ash & Glass - On August 14, the number of soda ash futures warehouse receipts on the Zhengzhou Commodity Exchange was 10,192, an increase of 917 from the previous trading day, with 1,001 valid forecasts. The number of glass futures warehouse receipts was 3,243, a decrease of 300 from the previous trading day [6]. - On August 14, the spot prices of soda ash in various regions were as follows. Some regions saw price cuts for heavy soda ash [6]. - As of August 14, the weekly output of soda ash was 761,300 tons, an increase of 16,600 tons, or 2.24%. The capacity utilization rate was 87.32%, a weekly increase of 1.91 percentage points [6]. - As of August 14, the inventory of soda ash enterprises was 1,893,800 tons, an increase of 17,600 tons from Monday, or 0.94%, and an increase of 28,700 tons from last Thursday, or 1.54% [6]. - On August 14, the average price of the float glass market was 1,164 yuan/ton, a daily decline of 2 yuan/ton. The daily output of the industry was 159,600 tons, unchanged from the previous day [6]. - As of August 14, the total inventory of domestic float glass sample enterprises was 63.426 million weight boxes, a weekly increase of 1.579 million weight boxes, or 2.55%, and a year - on - year decrease of 5.94%. The inventory days were 27.1 days, an increase of 0.7 days from last week [7]. Chart Analysis - The report presents multiple charts, including those showing urea and soda ash basis, trading volume and open interest of main contracts, price differences between different contracts, spot price trends, and price differences between different varieties [9][11][15]. Research Team Introduction - The research team consists of Zhang Xiaojin, Zhang Linglu, and Sun Chengzhen, who are responsible for different research areas related to futures products and have rich experience and many honors [22].