建信期货MEG日报-20251112

Report Information - Report Date: November 12, 2025 [2] - Report Type: MEG Daily Report [1] Industry Investment Rating - Not provided Core View - The ethylene glycol market currently has fewer bullish supports, and the overall macro - market is cautious. It is expected that the ethylene glycol price will mainly show a weak trend [7] Summary by Directory 1. Market Review and Operation Suggestions - Futures market: EG2601 closed at 3,875 yuan/ton, down 61 yuan, with a position of 362,650 contracts, an increase of 12,625 contracts; EG2605 closed at 3,966 yuan/ton, down 44 yuan, with a position of 41,893 contracts, an increase of 1,907 contracts. On the 11th, the main ethylene glycol futures contract opened at 3,954 yuan, with a high of 3,955 yuan, a low of 3,969 yuan, a settlement price of 3,921 yuan, and a close of 3,875 yuan, down 61 yuan from the previous trading day's settlement price. The total volume was 174,576 lots, and the position was 362,650 lots [7] 2. Industry News - Oil price: News of the potential end of the US government shutdown injected optimism into the market, boosting the demand expectation of the world's largest oil - consuming country and offsetting concerns about global supply growth. International oil prices continued to rise slightly. On November 10th, the settlement price of WTI crude oil futures for December 2025 on the New York Mercantile Exchange was $60.13 per barrel, up $0.38 or 0.64% from the previous trading day, with a trading range of $59.41 - $60.48. The settlement price of Brent crude oil futures for January 2026 on the London Intercontinental Exchange was $64.06 per barrel, up $0.43 or 0.68% from the previous trading day, with a trading range of $63.32 - $64.34 [8] - Ethylene glycol market in Zhangjiagang: This week's spot negotiation price was 3,942 - 3,943 yuan/ton, down 57.5 yuan/ton from the previous working day. Next week's spot negotiation price was 3,941 - 3,943 yuan/ton, and the negotiation price for late November was 3,941 - 3,943 yuan/ton. The basis of this week's spot relative to EG2601 was at a premium of 67 - 68 yuan/ton, next week's spot basis relative to EG2601 was at a premium of 66 - 68 yuan/ton, and the basis for late November relative to EG2601 was at a premium of 66 - 68 yuan/ton [8] - Polyester market: The trading atmosphere of polyester filament cooled compared with the previous day. After the price increase of polyester factories today, the sales volume shrank, and the terminal demand weakened marginally and locally. The futures price of polyester staple fiber first rose and then fell, the price of staple fiber factories was stable, the price of traders decreased slightly, the downstream demand weakened, and the on - site trading was average [8] 3. Data Overview - The report provides multiple data charts, including MEG futures price, spot - futures price difference, international crude oil futures main contract closing price, raw material price index (ethylene), PTA - MEG price difference, MEG price, MEG downstream product price, and MEG downstream product inventory, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16]