纯苯：国庆节前空单止盈

Report Summary 1) Report Industry Investment Rating - No investment rating information is provided in the report. 2) Core Viewpoint - Before the National Day, close short positions in pure benzene [1] 3) Summary by Relevant Catalogs Fundamental Tracking - Futures prices: BZ2603 was 5903, down 19 from the previous day; BZ2604 was 5890, down 25; BZ2605 was 5936, down 4 [1] - Spread data: BZ2603 - EB2508 was -1104, down 310; BZ2603 - EB2509 was -867, up 15; BZ2603 - BZ2604 was 13, up 6; BZ2604 - BZ2605 was -46, down 21 [1] - Paper - cargo prices: N + 1 was 5870, down 5; N + 2 was 5855, up 5 [1] - Inventory data: Pure benzene inventory at East China ports was 10.7 (unit: unknown), down 2.7 from the previous day; Styrene inventory at East China ports was 114420, down 14069 [1] News - As of September 22, 2025, the commercial inventory of pure benzene at Jiangsu ports was 10.7 tons, a 20.15% MoM decrease and a 256.67% YoY increase [2] - From September 15 - 22, arrivals were about 1.8 tons and pick - ups were about 4.5 tons [2] - On September 28, the non - long - term contract trading volume of Shandong pure benzene was about 1600 tons, with an average price of 5865 yuan/ton, down 84 yuan/ton from the previous day [2] - Spot negotiation prices of East China pure benzene were stable, while different monthly contract prices had slight fluctuations [2] - The self - pick - up price of Shandong styrene was 6720 - 6750 yuan/ton, with a trading volume of about 1100 tons, a decrease of 1200 tons from the previous day [2] Trend Intensity - The trend intensity of pure benzene is 0, indicating a neutral view [3]