光大期货煤化工商品日报-20260210

1. Report Industry Investment Rating - No information provided in the report 2. Core Views of the Report - Urea: The urea futures price showed a firm and volatile trend on Monday, with the closing price of the main 05 contract at 1788 yuan/ton, a 0.68% increase. The spot market mostly rose, with prices in Shandong and Henan reaching 1790 yuan/ton, up 10 yuan/ton and 30 yuan/ton respectively. The supply level of urea is continuously recovering, with the daily output reaching 21.56 tons, a0.16 - ton increase. Demand is still differentiated. The futures price is expected to fluctuate strongly in the short - term, but there is no sign of a trend - like upward movement due to policies and other factors [1]. - Soda Ash: The soda ash futures price showed a weak and volatile trend on Monday, with the closing price of the main 05 contract at 1181 yuan/ton, a 1.01% decrease. The spot price and trader quotes remained stable. The industry load increased as some maintenance enterprises resumed production, with the operating rate reaching 86%, a 2.5 - percentage - point increase. Demand was weak. The futures price is expected to fluctuate widely in the range, with a slightly weak intraday sentiment [1]. - Glass: The glass futures price showed a strong and volatile trend on Monday, with the closing price of the main 05 contract at 1078 yuan/ton, a 0.56% increase. The spot price was strong. The supply level has been stable since the weekend, with the daily melting volume at 14.98 tons. The demand sentiment declined significantly, and the spot sales - to - production ratio in the mainstream areas dropped to the 40% - 70% range. The futures price is expected to continue the wide - range volatile trend at a high level, with the possibility of increased volatility due to macro - policies and other factors [1]. 3. Summary by Relevant Catalogs Market Information Urea - On February 9, the number of urea futures warehouse receipts on the Zhengzhou Commodity Exchange was 10,860, unchanged from the previous trading day, with 325 valid forecasts. The daily output of the urea industry was 21.56 tons, a 0.16 - ton increase from the previous working day and 1.64 tons more than the same period last year. The operating rate was 91.56%, 2.60 percentage points higher than 88.96% in the same period last year. The spot prices of small - particle urea in various regions in China showed an upward trend [4]. Soda Ash & Glass - On February 9, the number of soda ash futures warehouse receipts on the Zhengzhou Commodity Exchange was 4,076, an increase of 549 from the previous trading day, with 883 valid forecasts; the number of glass futures warehouse receipts was 0, unchanged from the previous trading day. The spot prices of soda ash in different regions were provided. The operating rate of the soda ash industry was 86%, up from 83.5% on the previous working day. The average price of the float glass market was 1,107 yuan/ton, a 1 - yuan increase from the previous day, and the daily output was 14.98 tons, unchanged [6][7]. Chart Analysis - The report presented multiple charts, including the closing price, basis, trading volume, and position of the main contracts of urea and soda ash, as well as the price spread between different contracts, the spot price trend, and the price spread between different varieties. All chart data were sourced from iFind and the Everbright Futures Research Institute [9][11][13][17][19][21] Research Team Introduction - The resource product research team includes Zhang Xiaojin, the research director focusing on the sugar industry; Zhang Linglu, responsible for the research of urea, soda ash, and glass; and Sun Chengzhen, engaged in the research of cotton, cotton yarn, and ferroalloys. They have rich experience and many honors [24]