建信期货MEG日报-20250912

Report Information - Industry: MEG [1] - Date: September 12, 2025 [2] Investment Rating - Not provided Core View - The current supply - demand structure of ethylene glycol has not changed substantially, with a stalemate between bulls and bears in the fundamentals. It is expected to maintain a range - bound oscillation. Short - term investors are advised to wait and see [7] Summary by Directory 1. Market Review and Operation Suggestions - Futures market: The closing price of EG2601 was 4302 yuan/ton, down 18 yuan; the closing price of EG2605 was 4350 yuan/ton, down 4 yuan. The trading volume of the main ethylene glycol futures contract on the 11th was 134,693 lots, and the open interest was 309,072 lots [7] - Operation suggestion: Due to the unchanged supply - demand structure and the stalemate between bulls and bears, it is recommended to wait and see in the short term [7] 2. Industry News - Oil price: Affected by geopolitical events and expected Fed rate cuts, European and American crude oil futures rose for three consecutive days, with a settlement price increase of over 1.6% on Thursday. However, concerns about oversupply and inventory increases limited the upward space [8] - Ethylene glycol market: The spot negotiation price in Zhangjiagang decreased by 32 yuan/ton compared to the previous working day. The basis of different periods was at a premium to EG2601 [8] - Industry start - up: PTA and polyester started stably. PX start - up increased by 1.12 percentage points, and ethylene glycol start - up increased by 0.14 percentage points [8] 3. Data Overview - The report provides multiple data charts, including MEG futures prices, spot - futures price differences, international crude oil futures prices, raw material price indices, PTA - MEG price differences, MEG prices, and prices and inventories of MEG downstream products [10][15][18]