Report Industry Investment Rating - Not provided in the content Core Viewpoints - Urea is expected to experience a weak and volatile trend. The futures price closed at 1627 yuan/ton on Thursday, down 0.97% day-on-day. Supply is stable, with a daily output of 18.88 tons. Demand follow - up is weak, and the market lacks new positive drivers [1]. - Soda ash is expected to show a volatile trend. The futures price closed at 1235 yuan/ton on Thursday, down 1.12%. Supply pressure is high, and demand is generally stable. The market sentiment may decline in the short - term [1]. - Glass is expected to have a volatile trend. The futures price closed at 1091 yuan/ton on Thursday, down 2.85%. Supply is stable, demand sentiment is positive, but the market's reaction to fundamental positives is flat [1]. Summary by Directory Research Viewpoints - Urea: Futures price is weak and volatile, supply is stable, demand follow - up is weak, and the market lacks new positive drivers. The enterprise inventory decreased by 4.66% this week [1]. - Soda ash: Futures price is volatile, supply pressure is high, demand is generally stable, and the market sentiment may decline in the short - term. The industry's开工 rate and output increased this week [1]. - Glass: Futures price is volatile, supply is stable, demand sentiment is positive, but the market's reaction to fundamental positives is flat. The enterprise inventory decreased by 1.24% this week [1]. Market Information - Urea: On October 30, the futures warehouse receipts were 0, and the effective forecast was 621. The daily output was 18.88 tons, the same as the previous day. The enterprise inventory as of October 29 was 155.43 tons, a weekly decrease of 7.59 tons (-4.66%) [4][6]. - Soda ash & Glass: On October 30, the soda ash futures warehouse receipts decreased by 70 to 8875, and the glass futures warehouse receipts decreased by 13 to 402. The soda ash industry's开工 rate increased by 1.95 percentage points, and the weekly output increased by 2.29%. The soda ash factory inventory increased slightly. The glass market average price was stable, and the enterprise inventory decreased by 1.24% week - on - week [8][9]. Chart Analysis - Multiple charts are provided, including the closing prices, basis, trading volume, and positions of urea and soda ash futures, as well as the price spreads between different contracts and related product spreads. All chart data sources are iFind and the Everbright Futures Research Institute [11][19]. Research Team Introduction - The resource product research team includes Zhang Xiaojin, Zhang Linglu, and Sun Chengzhen, who are responsible for different product research and have won multiple industry honors [23].
光大期货煤化工商品日报（2025 年 10 月 31 日）-20251031
Guang Da Qi Huo·2025-10-31 05:21