建信期货MEG日报-20251209

Report Information - Report Name: MEG Daily Report [1] - Date: December 09, 2025 [2] Investment Rating - Not provided Core View - The current fundamentals of ethylene glycol lack overall drivers, but the continuous decline of spot prices to low levels has weakened the market selling pressure. It is expected to maintain a low-level volatile trend in the short term [7] Summary by Directory 1. Market Review and Operation Suggestions - Futures market: The closing price of EG2601 was 3,701 yuan/ton, down 74 yuan; the closing price of EG2605 was 3,809 yuan/ton, down 64 yuan. The trading volume was 178,188 lots and the open interest was 310,473 lots. The main contract opened at 3,722 yuan, with the highest at 3,732 yuan, the lowest at 3,687 yuan, and settled at 3,706 yuan [7] 2. Industry News - International oil prices: Expected Fed rate cut next week may boost economic growth and energy demand, and geopolitical uncertainties support the market. WTI crude oil futures for January 2026 settled at $60.08 per barrel, up $0.41 or 0.69%; Brent crude oil futures for February 2026 settled at $63.75 per barrel, up $0.49 or 0.77% [8] - Zhangjiagang ethylene glycol market: The spot negotiation price was 3,681 - 3,683 yuan/ton this week, down 65.5 yuan/ton from the previous trading day. The negotiation prices before December 19th, late December were in different ranges. The spot basis was at a discount to EG2601, and the basis situation varied in different periods. The futures market continued to be weak, and the spot price continued to decline [8] 3. Data Overview - Multiple data charts are provided, including PTA - MEG spread, MEG price, MEG futures price, basis between futures and spot, international crude oil futures main contract closing price, raw material price index (ethylene), MEG downstream product price and inventory, etc., with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16]