光大期货煤化工商品日报-20251017

Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Viewpoints of the Report - Urea: The spot price of urea increased slightly on Thursday. The supply level continued to decline, and the demand follow - up was still insufficient. The inventory of enterprises increased by 11.88% this week. The futures and spot markets' pessimistic sentiment eased, but the market was short of drivers. The futures price was expected to fluctuate at the bottom. Attention should be paid to the India tender results, export policies, northern weather, and spot trading [1]. - Soda Ash: The spot price of soda ash was basically stable on Thursday. The supply decreased slightly, and the demand was stable. The inventory of enterprises increased by 2.45%. The futures market had no new drivers, and the futures price continued to consolidate at the bottom. It might gradually trade on the macro - policy expectations such as the Fourth Plenary Session of the 20th Central Committee. Attention should be paid to the macro - sentiment, policy dynamics, and related commodity trends [1]. - Glass: The spot price of glass declined on Thursday. The daily melting volume remained stable. The demand follow - up slowed down, and the inventory of enterprises increased by 2.31%. The market sentiment was weak, and the futures price was expected to fluctuate weakly. Attention should be paid to the policy orientation of the Fourth Plenary Session of the 20th Central Committee and macro - sentiment [1]. Group 3: Summary by Relevant Catalogs Urea - Market Information: On October 16, the futures warehouse receipts of urea decreased by 55 to 6438, with 21 valid forecasts. The daily output was 18.12 tons, a decrease of 0.34 tons from the previous day and 0.95 tons from the same period last year. The operating rate was 77.45%, 8.07 percentage points lower than the same period last year. The spot prices in Shandong, Henan, etc., increased by 10 yuan/ton. As of October 15, the enterprise inventory was 161.54 tons, an increase of 17.15 tons or 11.88% from last week [4][5]. Soda Ash and Glass - Market Information: On October 16, the futures warehouse receipts of soda ash increased by 1427 to 9283, with 806 valid forecasts; the glass futures warehouse receipts remained at 0. The spot prices of soda ash were flat. The weekly output of soda ash decreased by 3.03 tons or 3.93% to 74.05 tons, and the capacity utilization rate decreased by 3.48 percentage points to 84.93%. The enterprise inventory increased by 0.94% from Monday and 2.45% from last Thursday. The average market price of float glass was 1246 yuan/ton, a decrease of 3 yuan/ton from the previous day, and the daily output remained unchanged. As of October 16, the national float glass enterprise inventory increased by 2.31% week - on - week to 6427.6 million weight boxes, and the inventory days increased by 0.6 days to 27.3 days [7][8]. Chart Analysis - The report presents multiple charts including the closing prices, basis, trading volume, and positions of urea and soda ash futures contracts, as well as the price spreads between different contracts and the price spreads between different commodities. All chart data sources are iFind and the Research Institute of Everbright Futures [10][11][13][16][17][18]. Group 4: Research Team Introduction - The resource product research team includes Zhang Xiaojin, the research director focusing on the sugar industry; Zhang Linglu, responsible for research on urea, soda ash, and glass; and Sun Chengzhen, engaged in research on cotton, cotton yarn, and ferroalloys [22].