玻璃纯碱数据日报-20250904

Group 1: Report Summary - The glass and soda ash market continued to be weak on September 3rd [2]. - The market sentiment has been volatile recently, and the anti - involution logic has become long - term. The short - term fundamentals are weak, and the industry still faces oversupply, which hinders price increases, especially for the 09 contract as its delivery is approaching [2]. - Glass supply remains stable, but demand is weak. With the "Golden September and Silver October" approaching, the terminal performance is unlikely to improve, and there is still pressure on inventory accumulation. Soda ash supply will return to a high level. Short - term direct demand is okay, but due to the increase in the daily melting volume of photovoltaic glass, inventory pressure is high and prices are under pressure [2]. Group 2: Trading Strategy - The trading strategy is to conduct cash - and - carry arbitrage and short on rallies [2] Group 3: Market Data Glass - Futures prices on September 4th: 1 - month contract is 1135, 5 - month contract is 1235, 9 - month contract is 940. Price changes are 1 (0.09%), 2 (0.16%), - 15 (- 1.57%) respectively. Spreads: 1 - 5 month is - 100, 5 - 9 month is 295, 9 - 1 month is - 195. Spot prices: 1200, 1140, 1240 in different regions. The basis of the main contract is 5, etc. [1] Soda Ash - Futures prices on September 4th: 1 - month contract is 1276, 5 - month contract is 1357, 9 - month contract is 1158. Price changes are 9 (0.71%), 10 (0.74%), 6 (0.52%) respectively. Spreads: 1 - 5 month is - 81, 5 - 9 month is 199, 9 - 1 month is - 118. Spot prices: 1000, 1300, 1250 in different regions. The basis of the main contract is - 276, etc. [1]