Group 1: Investment Ratings - The investment rating for urea is "Wide - range Fluctuation" [1] - The investment rating for soda ash is "Bottom - range Fluctuation" [1] - The investment rating for glass is "Short - term Rebound" [1] Group 2: Core Views - For urea, on Monday, the futures price fluctuated widely with the 01 contract closing at 1638 yuan/ton, a 1.15% decline. Supply is at a high level with a daily output of 20.33 tons on the 24th. Demand follow - up has slowed, and new orders for enterprises have decreased. The short - term price is under pressure, but there are potential factors in both supply and demand. The futures should be treated with a wide - range fluctuation view [1]. - For soda ash, on Monday, the futures price trended upwards with the 01 contract closing at 1183 yuan/ton, a 1.02% increase. Supply has slightly recovered as some maintenance enterprises resumed production. Demand is okay with downstream restocking. The inventory has decreased, but the demand from the float glass industry is under test. The futures should be treated with a bottom - range fluctuation view [1]. - For glass, on Monday, the futures price strengthened in the afternoon with the 01 contract closing at 1013 yuan/ton, a 2.95% increase. The spot price is still weak. Supply may decline as there were cold - repair phenomena. Demand sentiment has improved, but the long - term situation is still uncertain. The futures have a short - term rebound opportunity [1]. Group 3: Market Information Urea - On November 24, the futures warehouse receipts were 7570, an increase of 387 from the previous day, and the valid forecasts were 895 [4]. - On November 24, the daily output was 20.33 tons, an increase of 0.18 tons from the previous day and 1.87 tons from the same period last year. The operating rate was 84.08%, 2.44 percentage points higher than last year [4]. - On November 24, the small - particle urea spot prices in Shandong, Henan, etc. showed different trends [4]. Soda Ash and Glass - On November 24, the soda ash futures warehouse receipts were 2518, an increase of 2518 from the previous day, and the valid forecasts were 3353. The glass futures warehouse receipts were 0, unchanged from the previous day [6]. - On November 24, the soda ash spot prices in different regions were reported [6]. - On November 24, the soda ash operating rate was 82.26%, up from 81.13% the previous day [7]. - On November 24, the float glass market average price was 1094 yuan/ton, a decrease of 9 yuan/ton from the previous day, and the daily output was 15.81 tons, unchanged from the previous day [7]. Group 4: Chart Analysis - The report includes multiple charts such as the closing price, basis, trading volume and open interest, spread, and futures price difference charts of urea, soda ash, and glass, with data sources from iFind and the research institute of Everbright Futures [9][11][20]
光大期货煤化工商品日报（2025 年 11 月 25 日）-20251125
Guang Da Qi Huo·2025-11-25 05:45