光大期货煤化工商品日报（2025 年 10 月 30 日）-20251030

Report Summary 1. Report Industry Investment Ratings - Urea: Firm and oscillating [1] - Soda Ash: Bullish [1] - Glass: Optimistic [1] 2. Core Views of the Report - Urea futures prices were firm and oscillating on Wednesday, with the spot market slightly weakening. Supply remained high, demand was insufficient, and corporate inventories decreased. The market lacked upward momentum and was expected to be firm and oscillating in the short - term [1]. - Soda ash futures prices were broadly oscillating and bullish on Wednesday. The spot price was mostly stable. Supply remained high, demand was average, and external factors provided support. The short - term trend was bullish, but there was a risk of a decline [1]. - Glass futures prices were bullish on Wednesday, with the spot market stable. Supply remained unchanged, demand was positive, and enterprises were expected to continue to reduce inventories. External factors provided support, but market volatility might increase [1]. 3. Summary by Relevant Catalogs Market Information - Urea: On October 29, the number of urea futures warehouse receipts decreased by 2,970 to 0, with 371 valid forecasts. The daily production was 188,800 tons, an increase of 10,000 tons from the previous day and 9,000 tons from the same period last year. The starting rate was 80.69%, a decrease of 3.56 percentage points from the same period last year. Spot prices in some regions declined [4]. - Soda Ash and Glass: On October 29, the number of soda ash futures warehouse receipts increased by 200 to 8,945, with 769 valid forecasts; the number of glass futures warehouse receipts decreased by 8 to 415. Soda ash spot prices were flat. The soda ash industry's starting rate was 88%. The average price of the float glass market was stable, and the daily output was 161,300 tons, unchanged from the previous day [7][8]. Chart Analysis - The report includes multiple charts showing the closing prices, basis, trading volume, and positions of urea and soda ash futures, as well as the price spreads between different contracts and the price spreads between different varieties. All chart data sources are iFind and the Everbright Futures Research Institute [10][11][13][16][17][18]