玻璃期货日报-20250815

1. Report's Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The glass futures market is expected to maintain a volatile pattern in the short - term, with a tug - of - war between weak reality and policy expectations. Mid - term directional breakthroughs depend on the actual implementation of capacity - clearing policies and the substantial recovery of demand during the traditional peak seasons of "Golden September and Silver October". The market's kinetic energy conversion depends on inventory reduction rates and the pace of macro - level positive news realization [14] 3. Summary by Relevant Catalogs 3.1 Futures Market 3.1.1 Contract Quotes - On August 13, 2025, the FG2601 glass futures contract oscillated around the moving average during the night and early sessions. In the afternoon, short - sellers gained the upper hand, pushing the price down to the daily low and closing with a negative line. The price dropped by 19 yuan/ton, a 1.54% decline, and closed at 1214 yuan/ton. The trading volume was 2.2177 million lots, and the open interest was 1.0237 million lots [2] 3.1.2 Variety Prices - All 12 glass futures contracts closed lower. The total open interest of the variety was 1.8795 million lots, a decrease of 59,402 lots from the previous trading day. The open interest of the active contract FG2601 increased by 88,800 lots [5] 3.1.3 Related Quotes - On the day, put options on glass outperformed call options [8] 3.2 Spot Market - The spot price of glass continued to be weak. Prices in Northeast China remained stable, while prices in other regions were under pressure and declined [10] 3.3 Influencing Factors 3.3.1 Supply - Demand Factors - Supply side: The daily melting volume of float glass in production reached 159,600 tons, a 0.38% increase month - on - month. The operating rate was 75.34%, and the capacity utilization rate was 79.78%. The weekly output increased by 0.16% to 1.117 million tons. In August, there were 2 cold - repaired and 2 restarted production lines, with capacity remaining basically unchanged. Demand side: The demand for real - estate completion did not improve. Deep - processing enterprises faced difficulties in collecting funds, and new orders decreased year - on - year. They mainly focused on consuming raw - sheet inventories [11] 3.3.2 Inventory Analysis - The overall inventory of glass enterprises increased from a downward trend. It rose by 2.348 million weight boxes, a 3.95% increase, reaching a total of 61.847 million weight boxes. Inventories of glass enterprises in all regions increased [13]