纯碱、玻璃期货品种周报-20251020

Group 1: Report Industry Investment Rating - No information provided Group 2: Report's Core View - The soda ash futures market is in a weak and volatile stage, and the glass futures market is also showing a weak and volatile trend. The main contradiction in the current soda ash market is the imbalance between supply and demand, and the glass market is also affected by factors such as slow demand recovery and increased supply expectations [6][30] - For soda ash futures, it is recommended to wait and see in the medium - term, and expect the operating range of soda ash 2601 to be 1100 - 1250 this week. For glass futures, it is recommended to hold an empty - position and wait and see, and the market is expected to continue narrow - range fluctuations in the short term [6][30] Group 3: Summary According to the Catalog Soda Ash Futures 1. Mid - line Market Analysis - The soda ash futures are in a volatile stage. The domestic soda ash market was stable to weak last week, with significant price drops in the northwest region. The main contradiction is the imbalance between supply and demand, with continuous supply pressure and weak demand. In the short term, the price may continue to be weakly volatile, but the downward space is limited. It is recommended to wait and see [6] 2. Variety Trading Strategy - Last Week's Strategy Review: Soda ash futures were weakly volatile last week. The weekly output was 77.69 tons, the operating rate dropped to 88.41%, and the total inventory increased to 165.98 tons. The overall supply was strong, and the demand was difficult to exceed expectations. It was expected that the operating range of soda ash 2601 was 1200 - 1350 [9] - This Week's Strategy Suggestion: The domestic soda ash market continued the weak trend last week. It is expected that the price will still be weakly volatile in the short term, but the downward space is limited. The expected operating range of soda ash 2601 is 1100 - 1250 [10] 3. Relevant Data Situation - The relevant data include soda ash's operating rate, output, light - weight and heavy - weight inventory, basis, and ammonia - soda production cost in North China (weekly data) [11][15][18] Glass Futures 1. Mid - line Market Analysis - The glass is in an oscillating trend. The domestic float glass market was generally weak last week. After the festival, the demand recovery was limited, the enterprise inventory pressure remained, and some manufacturers had difficulty in maintaining prices. The glass futures price declined unilaterally. It is recommended to hold an empty - position and wait and see [30] 2. Variety Trading Strategy - Last Week's Strategy Review: Float glass futures were oscillating and strengthening since September 28. The weekly output increased to 112.89 tons, the operating rate remained stable, the capacity utilization rate increased slightly, and the inventory decreased slightly. The market was supported by policies but the supply - demand contradiction was not resolved. It was expected that the operating range of glass 2601 was 1150 - 1300, and it was advisable to hold an empty - position and wait and see [33] - This Week's Strategy Suggestion: The domestic float glass market was generally weak last week. The demand recovered slowly, the enterprise inventory pressure remained, and the supply increase expectation further suppressed the market. The futures also weakened, and it is expected to maintain a weak and volatile trend in the short term [34] 3. Relevant Data Situation - The relevant data include float glass's output, operating rate, production cost and gross profit of the float process using natural gas as fuel, basis, and ending inventory (weekly data) [36][39][41]