建信期货MEG日报-20250827

Report Information - Report Name: MEG Daily Report [1] - Date: August 27, 2025 [2] Industry Investment Rating - Not provided Core View - Short - term, the supply - demand of ethylene glycol has not changed significantly. Affected by the improvement of macro - market sentiment, it is expected to maintain a high - level range - bound trend [7] Section Summaries 1. Market Review and Operation Suggestions - Futures Market Quotes: The closing price of EG2601 was 4,490 yuan/ton, down 12 yuan, with a position of 151,958 contracts and an increase of 17,061 contracts. The closing price of EG2509 was 4,440 yuan/ton, down 3 yuan, with a position of 51,447 contracts and a decrease of 10,243 contracts. On the 26th, the main contract of ethylene glycol futures opened at 4,510 yuan/ton, reached a high of 4,521 yuan/ton, a low of 4,486 yuan/ton, settled at 4,507 yuan/ton, and closed at 4,490 yuan/ton, down 12 yuan from the previous trading day's settlement price. The total volume was 151,958 lots, and the position was 286,272 lots [7] 2. Industry News - Crude Oil Market: It is expected that the US will impose more sanctions on a certain European country, and Ukraine's attacks on the energy infrastructure of a certain European country may disrupt supply. European and American crude oil futures have risen for four consecutive trading days. On Monday (August 25), the settlement price of the West Texas Intermediate crude oil futures for October 2025 on the New York Mercantile Exchange was $64.80 per barrel, up $1.14 or 1.79% from the previous trading day, with a trading range of $63.53 - $65.1. The settlement price of the Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $68.80 per barrel, up $1.07 or 1.58% from the previous trading day, with a trading range of $67.57 - $69.07 [8] - Ethylene Glycol Market in Zhangjiagang: The spot negotiation price of ethylene glycol in Zhangjiagang this week is 4,538 - 4,540 yuan/ton, up 1.5 yuan/ton from the previous working day. The spot negotiation price next week is 4,543 - 4,545 yuan/ton, and the negotiation price for the end of September is 4,543 - 4,545 yuan/ton. The basis of this week's spot is at a premium of 48 - 50 yuan/ton compared to EG2601, the basis of next week's spot is at a premium of 53 - 55 yuan/ton compared to EG2601, and the basis for the end of September is at a premium of 53 - 55 yuan/ton compared to EG2601 [8] - Industry Operation: The operation of PX and ethylene glycol is stable. A 2.2 - million - ton (designed capacity, actual 2.5 - million - ton) PTA plant in East China is under maintenance, and the PTA operation rate has decreased by 2.58 percentage points. A 200,000 - ton polyester film plant of Ningbo Jinyuan has stopped for maintenance, and the polyester operation rate has decreased by 0.23 percentage points [8] 3. Data Overview - Multiple data charts are provided, including PTA - MEG price difference, MEG price, MEG futures price, futures - spot price difference, international crude oil futures main - contract closing price, raw material price index (ethylene), MEG downstream product price, and MEG downstream product inventory, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16][18]