建信期货MEG日报-20251212

Report Information - Report Title: MEG Daily Report [1] - Report Date: December 12, 2025 [2] Investment Rating - No investment rating information provided. Core View - The current supply - demand and cost side of ethylene glycol (MEG) are weak. Market participants are mostly cautious and wait - and - see, with few low - price buyers. It is expected that the market price may maintain a weak trend [7]. Section Summaries 1. Market Review and Operation Suggestions - Futures Quotes: EG2601 closed at 3,599 yuan/ton, down 82 yuan, with a position of 266,189 contracts, a decrease of 10,264 contracts; EG2605 closed at 3,707 yuan/ton, down 77 yuan, with a position of 224,418 contracts, an increase of 23,193 contracts. On the 11th, the main contract 2409 of ethylene glycol futures opened at 4,395 yuan/ton, with a high of 4,416 yuan/ton, a low of 4,365 yuan/ton, a settlement price of 4,392 yuan/ton, and a closing price of 4,409 yuan/ton, up 29 yuan or 0.66% from the previous trading day's settlement price. The total volume was 207,424 lots, and the position was 433,890 lots [7]. 2. Industry News - Oil Market: Concerns about global oil supply due to the US seizure of an oil tanker near the coast of a South American country and the Fed's expected interest - rate cut supported the oil market. Although US crude oil inventories decreased last week, refined oil inventories increased, having no impact on oil prices. On Wednesday (December 10), the settlement price of WTI crude oil futures for September 2025 on the New York Mercantile Exchange was $58.46 per barrel, up $0.21 or 0.36% from the previous trading day, with a trading range of $57.66 - $59.05; the settlement price of Brent crude oil futures for October 2025 on the London Intercontinental Exchange was $62.21 per barrel, up $0.27 or 0.44% from the previous trading day, with a trading range of $61.35 - $62.73 [8]. - MEG Market: In the Zhangjiagang MEG market, the spot negotiation this week was 3,577 - 3,579 yuan/ton, down 89.5 yuan/ton from the previous trading day. Negotiations before December 19 were 3,589 - 3,591 yuan/ton, and negotiations for the end of December were 3,597 - 3,599 yuan/ton. The current spot basis was at a discount of 20 - 22 yuan/ton compared to EG2601, the basis before December 19 was at a discount of 8 - 10 yuan/ton compared to EG2601, and the basis for the end of December was at a discount of 0 - 2 yuan/ton compared to EG2601. The negotiation range in the Fujian MEG market was 4,300 - 4,400 yuan/ton, unchanged from the previous trading day. The short - term trading atmosphere in the MEG market has improved, and the price in the Fujian MEG market is mainly stable and wait - and - see [8]. 3. Data Overview - Multiple data charts are provided, including MEG futures prices, spot - futures price differences, international crude oil futures main contract closing prices, raw material price indices (ethylene), PTA - MEG price differences, MEG prices, MEG downstream product prices, and MEG downstream product inventories, with data sources from Wind and the Research and Development Department of CCB Futures [10][15][16][18]