纯碱、玻璃期货品种周报-20260330

Group 1: Report Overview - The report is a weekly report on soda ash and glass futures from March 30 to April 3, 2026 [1][2] Group 2: Soda Ash Futures 1. Mid - term Market Analysis - Soda ash futures are in a volatile stage. The spot market was stable last week with a stable price range and light trading. Supply was slightly affected by some enterprise maintenance, and demand was weak, with downstream buyers making rigid purchases and being cautious about high prices. The market lacks a clear driver and will continue to fluctuate in the short - term. Futures first declined and then rebounded, but high inventory and weak demand suppress the upside. It is recommended to wait and see [6] 2. Trading Strategy - Last week's strategy review: The soda ash market had a loose supply - demand situation last week. Spot prices fell slightly, and futures declined. The expected positive factors did not materialize, and fundamental contradictions continued to suppress the price [9] - This week's strategy suggestion: The soda ash spot was stable last week, with weak supply and demand, and prices continued to trade in a narrow range. Futures first declined and then rebounded, with cost support and weak demand in a tug - of - war, maintaining a volatile pattern [10] 3. Related Data - Data includes China's weekly soda ash开工率,产量,轻质库存,重质库存,基差, and ammonia - soda production cost in North China [11][15][19] - The main force of soda ash futures is slightly bullish, with a small outflow of main funds and low risk of a market reversal [24] Group 3: Glass Futures 1. Mid - term Market Analysis - Glass is in a volatile trend. The float glass market had a narrow - range adjustment last week, with regional differences. Prices in the Northwest and Southwest rose by 30 yuan/ton, while those in Central and North China fell slightly by 10 yuan/ton. Market trading cooled, and downstream buyers purchased on demand and were cautious about restocking. Cold repairs of some production lines supported prices, and inventory in different regions changed differently. Futures were weakly volatile, and the fundamentals dominated the market. Terminal demand did not show obvious improvement, and high inventory continued to suppress prices. Although there was a short - term rebound due to cost support, the sustainability was limited. It is recommended to hold an empty position and wait and see [33] 2. Trading Strategy - Last week's strategy review: The float glass spot prices had mixed changes last week, with regional differences. High inventory and weak demand continued to suppress the market, and futures declined weakly. The expected positive factors did not materialize, and the weak pattern was hard to change [36] - This week's strategy suggestion: The float glass market had a narrow - range adjustment last week, with regional differences. Downstream demand was mainly rigid, and inventory changed differently. Futures were weakly volatile, and high inventory limited the rebound [37] 3. Related Data - Data includes China's weekly float glass产量,开工率, production cost and production profit of the float process using natural gas as fuel,基差, and期末库存 [39][42][44]