建信期货MEG日报-20250918

Report Information - Report Name: MEG Daily Report [1] - Date: September 18, 2025 [2] Market Review and Operation Suggestions - Futures Market: On the 17th, the opening price of the main contract of ethylene glycol futures was 4283 yuan/ton, the highest was 4308 yuan/ton, the lowest was 4275 yuan/ton, the settlement price was 4289 yuan/ton, and the closing price was 4297 yuan/ton, a decrease of 1 yuan compared with the previous trading day's settlement price. The total volume was 124,940 lots, and the open interest was 310,659 lots. The EG2601 contract closed at 4297 yuan/ton, down 1 yuan, with an open interest of 310,659 lots, a decrease of 107 lots; the EG2605 contract closed at 4358 yuan/ton, up 9 yuan, with an open interest of 3388 lots, an increase of 304 lots [7] - Price Forecast: At present, the cost support of ethylene glycol is insufficient, and the upward driving force is poor. From the perspective of the supply - demand structure, the supply - demand of ethylene glycol has not changed much, and the price is expected to remain stable [7] Industry News - International Oil Prices: Due to market concerns about possible supply disruptions caused by Ukrainian drone attacks on a refinery in a European country and the possibility of the US central bank cutting interest rates, international oil prices rose for the third consecutive day. On Tuesday (September 16), the settlement price of the West Texas Intermediate crude oil futures contract for October 2025 on the New York Mercantile Exchange was $64.52 per barrel, up $1.22 or 1.93% from the previous trading day, with a trading range of $62.89 - $64.76. The settlement price of the Brent crude oil futures contract for November 2025 on the London Intercontinental Exchange was $68.47 per barrel, up $1.03 or 1.53% from the previous trading day, with a trading range of $67.01 - $68.69 [8] - Ethylene Glycol Market in Zhangjiagang: The spot negotiation price of ethylene glycol in Zhangjiagang this week was 4373 - 4375 yuan/ton, a decrease of 8.5 yuan/ton compared with the previous working day. The negotiation price for late September was 4376 - 4378 yuan/ton, and for late October was 4372 - 4377 yuan/ton. The spot basis was at a premium of 76 - 78 yuan/ton compared with EG2601, the basis for late September was at a premium of 79 - 81 yuan/ton compared with EG2601, and the basis for late October was at a premium of 75 - 80 yuan/ton compared with EG2601 [8] - Polyester Market: The sales of polyester filament were average. The PTA futures price rebounded moderately during the day, but the sentiment in the polyester downstream market did not improve significantly, and most companies continued to digest their existing inventories. The price of the main futures contract of polyester staple fiber fluctuated slightly upward. The prices of staple fiber factories remained stable, and the prices of traders were flat. Downstream buyers purchased on demand, and the trading volume in the market was sluggish [8] Data Overview - Data Sources: All data in the report are from Wind and the Research and Development Department of CCB Futures [7][11][12] - Graphs: The report includes graphs showing MEG futures prices, spot - futures price differences, international crude oil futures prices, raw material price indices (ethylene), PTA - MEG price differences, MEG prices, MEG downstream product prices, and MEG downstream product inventories [10][15][16]