贵金属带动商品普跌，EG大幅回撤

Report Industry Investment Rating No relevant content provided. Core View - The overall sentiment in the commodity market has weakened due to macro - external factors, and the EG price has dropped back to the previous low - level range. The EG fundamentals remain weak, with significant inventory accumulation pressure from January to February, which may ease in March. [1][2] Summary by Directory Price and Basis - The closing price of the EG main contract was 3767 yuan/ton (down 146 yuan/ton or 3.73% from the previous trading day), and the spot price in the East China EG market was 3712 yuan/ton (down 112 yuan/ton or 2.93% from the previous trading day). The East China spot basis was - 98 yuan/ton (up 14 yuan/ton month - on - month). [1] Production Profit and Operating Rate - According to Longzhong data, the production gross profit of ethylene - based EG was - 51 US dollars/ton (down 4 US dollars/ton month - on - month), and the production gross profit of coal - based syngas - based EG was - 748 yuan/ton (down 26 yuan/ton month - on - month). The extrusion of the syngas - based load was not obvious, and the domestic ethylene glycol load was at a high level. [1][2] International Spread No relevant content provided. Downstream Sales, Production, and Operating Rate - Since mid - January, the Spring Festival maintenance plans have been gradually implemented. The weaving load and polyester load have declined rapidly, and the support from rigid demand has weakened. [2] Inventory Data - According to CCF data released every Monday, the inventory at the main ports in East China was 85.8 tons (up 6.3 tons month - on - month); according to Longzhong data released every Thursday, the inventory at the main ports in East China was 64.5 tons (up 2.8 tons month - on - month). The total planned arrivals at the main ports in East China this week are 12.3 tons, and the arrivals at the secondary ports are 2.3 tons. Overall, it is neutral, and the inventory at the main ports is expected to remain stable. There are plans for large Saudi contract vessels to enter the warehouse in early February, and the near - term arrivals are still relatively high, but the pressure will ease in mid - to late February. [1][2] Strategy - Unilateral: In the short term, affected by the macro - external environment, the sentiment in the commodity market has weakened, and the EG price has dropped back to the previous low - level range. Observe the market dynamics. - Inter - period: None - Inter - variety: None [3]