Report Core View - Glass bottom was likely formed in June, and currently it's difficult for the market to break the previous low due to policy and cost changes [4] - The glass market is in a game between weak reality and strong expectation, and the market has shifted to trading strong expectation at low valuations [3] - There is significant uncertainty on the supply side, and the follow - up supply - side policies and production line switching need continuous attention [5] Industry Investment Rating - There is no clear industry investment rating provided in the report Summary by Related Questions How to view the decline of glass futures after National Day and the subsequent rebound - Before National Day, supply - side news stimulated downstream stockpiling; after National Day, the expectation was not fulfilled, leading to a decline in futures prices. Then, due to low valuation, cost support, and possible supply - side disturbances, the futures price rebounded [2] How to view the current dominant factors and trading logic of the glass market - The glass market is in a game between weak reality and strong expectation. With the low valuation, the market trades the strong expectation. The cost has increased, and it's difficult for the price to break the previous low. The fuel switch in Shahe may be a market focus [3] Whether the bottom of the glass market has appeared and the firmness of the bottom - The bottom of glass was considered to have appeared in June. Currently, due to policy and cost changes, it's hard for the market to break the previous low [4] Uncertainties in the glass market, variables in the fourth quarter, and how to grasp the later trend - Supply - side has great uncertainty, including the impact of anti - involution policies and the fuel switch in Shahe. Strategies include going long on glass at low positions, multi - glass and short - soda ash arbitrage, and holding short glass out - of - the - money put options [5]

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Views - **Nickel**: The nickel fundamentals are weak with inventory pressure, but the valuation is at a low level. It is expected that the nickel price will fluctuate at a low level [2]. - **Stainless Steel**: The fundamentals of stainless steel are loose, and the cost support is weak. It is predicted that the upside space for stainless steel is limited [2]. 3. Summary by Related Catalogs Nickel Market - **Price Changes**: On October 28, the closing prices of Shanghai nickel futures contracts decreased compared to the previous day. For example, the futures near - month contract closed at 120,300 yuan/ton, down 1,760 yuan from the previous day. The LME 3 - month nickel spot official price was 15,175 dollars/ton, down 120 dollars from the previous day [2]. - **Trading Volume and Open Interest**: The trading volume of Shanghai nickel futures active contract was 156,296 hands (+26,763), and the open interest was 115,046 hands (+6,057) [2]. - **Supply and Demand**: Ore prices remained flat. Last week, the arrival of nickel ore decreased, and port inventories decreased. Nickel - iron plants' losses deepened. In October, domestic and Indonesian production increased, and nickel - iron inventories decreased. Domestic electrolytic nickel production increased, and export profits expanded. On the demand side, ternary production, stainless - steel plant production increased, and alloy and electroplating demand was stable [2]. - **Inventory**: Inventories increased in the SHFE, LME, and social inventories, while decreased in the bonded area [2]. Stainless Steel Market - **Price Changes**: The closing prices of Shanghai stainless - steel futures contracts also decreased. For example, the futures near - month contract closed at 12,755 yuan/ton, down 45 yuan from the previous day. The basis of 304/2B coil - cut edge (Wuxi) average price and the active contract was 65 yuan [2]. - **Trading Volume and Open Interest**: The trading volume of the stainless - steel futures active contract was 97,090 hands (-61,294), and the open interest was 100,253 hands (-14,871) [2]. - **Supply and Demand**: In October, stainless - steel production increased, but the production of 300 - series decreased. Terminal demand was weak [2]. - **Cost**: The prices of high - nickel pig iron and high - carbon ferrochrome decreased [2]. - **Inventory**: SHFE inventory remained unchanged. Last week, the 300 - series social inventory was 61,270 tons (-9,000) [2]. Industry News - **Nickel Price Forecast**: A survey of 30 industry analysts showed that the average LME spot nickel price in 2025 is expected to be 15,318 dollars/ton, 15,755 dollars/ton in 2026, and 16,813 dollars/ton in 2024. The nickel market is expected to have a supply surplus of 191,000 tons in 2025 and 156,500 tons in 2026 [2]. - **Indonesian Nickel Price Index**: The Indonesian Nickel Price Index (INPI) data on October 27 showed that the domestic nickel price in Indonesia was relatively stable, with some processed product prices rising slightly [2]. Trading Strategies - **Nickel**: The trading strategy is to wait and see [2]. - **Stainless Steel**: It is recommended to short on rallies [2].

Core Insights - The Sina Finance APP is becoming an essential tool for investors in the futures market, providing timely information and analysis to enhance decision-making [1][2]. Group 1: Market Environment - The domestic futures market is experiencing a dichotomy, with commodity indices reaching pressure points, creating both opportunities and anxieties for investors [2]. - Experienced investors recognize that timely information can lead to significant profit increases, emphasizing the importance of real-time updates [2]. Group 2: Information and Decision-Making - The Sina Finance APP's "Xina AI Assistant" condenses complex futures reports into core summaries, allowing investors to quickly grasp essential information [3]. - The app features funding flow and position analysis tools, providing investors with insights into major capital movements, helping them avoid poor investment decisions [3]. Group 3: Trading Efficiency - The app offers a comprehensive trading solution that enables investors to transition seamlessly from analysis to decision-making and execution, which is crucial in the fast-paced futures market [4]. Group 4: Community and Learning - The futures community within the Sina Finance APP fosters a unique ecosystem where industry clients, private traders, and experienced retail investors share market interpretations and validate trading strategies [5]. - This community aspect aids investors in enhancing their market understanding and recognizing previously overlooked risks [5]. Group 5: Overall Value Proposition - The Sina Finance APP positions itself as a professional platform that integrates real-time market data, in-depth insights, convenient trading, and intelligent analysis, offering a better choice for investors [5][6].

Core Viewpoint - The domestic commodity futures market is experiencing a rebound, with the Wenhua Commodity Index surpassing 163 and copper futures reaching new highs, while the international oil market stabilizes [1] Group 1: Market Overview - The domestic commodity futures market is showing signs of recovery, with significant movements in various sectors, particularly in copper and oil [1] - The Wenhua Commodity Index has risen above 163, indicating a positive trend in the market [1] Group 2: Investment Tools and Resources - The Sina Finance APP provides comprehensive coverage of real-time market data across all major futures products, ensuring low latency and accurate pricing information [4] - The APP offers advanced analytical tools, including K-line charts and customizable alert functions, to help investors make informed trading decisions [4][8] Group 3: Information and Insights - The APP delivers 24/7 global financial news, allowing investors to stay ahead of market dynamics and understand the implications of macro policies and industry news [5] - It integrates critical background information, such as changes in India's stance on Russian oil procurement and optimistic forecasts from Saudi Aramco executives regarding demand [5] Group 4: Trading Experience - The Sina Finance APP facilitates seamless trading by connecting users with multiple leading futures companies, enabling a smooth process from account opening to real-time trading [6][7] - The platform's distributed trading gateway supports high concurrency, ensuring a stable trading experience even during market volatility [7] Group 5: Analytical Features - The APP includes unique features like "capital flow" and "position analysis" to monitor major holdings, providing essential insights for trading decisions [8] - The "Xina AI Assistant" simplifies complex futures reports into concise summaries, highlighting risk and opportunity points for quick decision-making [8] - A vibrant futures community within the APP allows users to share insights and experiences, enhancing collective knowledge and decision-making [8]

Report Industry Investment Ratings - Most of the energy chemical products are rated as "Cautiously Bearish", including crude oil, LPG, L, PP, PVC, PX, PTA, ethylene glycol, methanol, and urea. Some products are in a "Bearish Consolidation" or "Bearish Rebound" state, such as L, PP, PVC, glass, and soda ash [1][2][6] Core Views - The overall energy chemical market is under pressure, mainly due to factors such as supply - demand imbalances, cost - side fluctuations, and geopolitical influences. Most products are expected to face downward pressure in the medium - to - long term, but short - term rebounds may occur due to cost fluctuations and market sentiment [1][2][6] Summary by Variety Crude Oil - Core View: Cautiously Bearish [1] - Main Logic: OPEC+ may continue to increase production, leading to an oversupply of crude oil. The market has digested the risk of sanctions against Russia, and the driving force of oil prices has shifted to supply. The consumption off - season has begun, and the pressure of oversupply is gradually increasing. There are also geopolitical and macro - economic factors at play [1][9] - Strategy: Hold short positions, buy call options to control risks, and lightly add short positions. Pay attention to the range of SC [450 - 465] [1][11] LPG - Core View: Cautiously Bearish [1] - Main Logic: The risk of US sanctions against Russia has been released, and the cost - side oil price has corrected. The supply has decreased slightly, and the downstream chemical operating rate has increased, with relatively strong demand on the demand side. The port inventory has decreased [1][15] - Strategy: Buy put options and wait for the release of risks. Lightly try short positions. Pay attention to the range of PG [4200 - 4300] [1][16] L - Core View: Bearish Rebound [1] - Main Logic: Social inventory has slightly decreased, and the inventory pressure in the upper and middle reaches is neutral. The import volume in October is large, and there is an expectation of further increase. The supply will continue to be in a loose pattern. The demand peak season has arrived, but the restocking motivation is insufficient. The oil price may decline in the medium term, and the cost support is insufficient [1][20] - Strategy: The market maintains a contango structure. The industry should sell hedges at high prices. Short - term follow - up with cost rebounds. Pay attention to the range of L [6900 - 7100] [20] PP - Core View: Bearish Rebound [1] - Main Logic: The upstream device maintenance intensity has increased, but the demand is facing high destocking pressure at the end of the "Silver October". The oil price may continue to fall in the medium term, and the cost support of oil - based production is insufficient [1][25] - Strategy: The market maintains a contango structure. The industry should sell hedges at high prices. Short - term follow - up with cost rebounds. Pay attention to the range of PP [6600 - 6800] [25] PVC - Core View: Bearish Rebound [1] - Main Logic: Low - valuation support, but single - product losses are increasing, and the comprehensive profit of chlor - alkali is continuously compressed. The export volume in September maintained a high growth rate, and there is an expectation of rush - exporting during the Indian policy window period. New production capacity has been basically released this year, and it is necessary to pay attention to whether the upstream marginal devices can reduce production beyond expectations to alleviate the oversupply contradiction [1][29] - Strategy: The market maintains a high contango structure. The industry should conduct hedging at high prices. Short - term lightly participate in rebounds. Pay attention to the range of V [4600 - 4800] [29] PX - Core View: Cautiously Bearish [1] - Main Logic: The supply side has seen a continuous reduction in the operating load of domestic and foreign devices. The demand has improved recently but is expected to weaken. The PXN and PX - MX spreads are at relatively high levels this year. The oil price has rebounded, but the supply - demand pattern remains loose, and the rebound height may be limited [1][31] - Strategy: Take profits on short - term long positions, look for opportunities to arrange short positions at high prices, and pay attention to arbitrage opportunities by expanding downstream processing margins (long PTA, short PX). Pay attention to the range of PX [6530 - 6630] [31][32] PTA - Core View: Cautiously Bearish [2] - Main Logic: A new device is about to be put into production, but the processing fee is low, and the device maintenance intensity is expected to increase. The terminal demand has slightly improved, but the stability is to be observed. There is an expectation of inventory accumulation in November. The internal upward driving force is limited in the short term, and it follows the oil price fluctuations [2][34] - Strategy: Take profits on previous long positions. Look for opportunities to arrange short positions on rebounds in the medium - to - long term. Pay attention to arbitrage opportunities by expanding TA processing margins (long PTA, short PX). Pay attention to the range of TA [4550 - 4630] [2][35] Ethylene Glycol - Core View: Cautiously Bearish [2] - Main Logic: Domestic devices have reduced their loads, and overseas devices have slightly increased their loads. New devices are being put into production, and the supply pressure is expected to increase. The terminal consumption has improved in the short term, but the stability is to be observed. There is an expectation of inventory accumulation in November. The valuation is low, but there is a lack of upward driving force [2][37] - Strategy: Close short - term long positions and look for opportunities to arrange short positions on rebounds. Pay attention to the range of EG [4050 - 4120] [2][38] Methanol - Core View: Cautiously Bearish [2] - Main Logic: High inventory suppresses the spot price, and the port basis is still weak. The supply side has a certain pressure, and it is necessary to pay attention to the implementation of seasonal production reduction of gas - based methanol in the southwest region and the impact of Iranian "gas restrictions". The demand has slightly improved, and the cost support is weak and stable [2][41] - Strategy: Hold short positions cautiously (take profits in batches at low prices), look for opportunities to arrange long positions on the 01 contract at low prices, and pay attention to MA1 - 5 reverse arbitrage. Pay attention to the range of MA [2210 - 2260] [2][43] Urea - Core View: Cautiously Bearish [3] - Main Logic: The supply is relatively loose, and the daily production is expected to return to a high level. The domestic agricultural demand has slightly improved, and the export is still good. The inventory is continuously accumulating, and the cost support still exists. However, the winter agricultural demand and export may have limited positive effects [3][45] - Strategy: Hold short positions cautiously, and lightly try long positions in the medium - to - long term. Pay attention to the range of UR [1625 - 1650] [3][47] Natural Gas - Core View: Cautiously Bearish [6] - Main Logic: Geopolitical sanctions risks have been released, and the cost - side oil price has corrected. The demand is expected to increase with the cooling of the weather, but the supply is sufficient [6] - Strategy: No specific strategy is mentioned in the text Asphalt - Core View: Cautiously Bearish [6] - Main Logic: It follows the cost - side oil price correction. The supply - demand fundamentals are relatively loose, and the valuation is relatively high [6] - Strategy: Buy put options [6] Glass - Core View: Bearish Rebound [6] - Main Logic: After the festival, the enterprise inventory has increased counter - seasonally for three consecutive weeks, and the market has turned into a contango structure. The domestic demand is weak, and the supply is under pressure [6] - Strategy: In the short term, rely on the 5 - day moving average for short - term long positions, and be bearish on rebounds in the medium - to - long term [6] Soda Ash - Core View: Bearish Rebound [6] - Main Logic: It rebounds following the black building materials sector. The factory inventory has slightly decreased, but the absolute level is still high. The demand is mostly rigid, and the supply is expected to increase [6] - Strategy: The market maintains a contango structure. The industry should sell at high prices. Continue to hold long positions in the alkali - glass spread [6]

Report Summary 1. Report Industry Investment Rating - There is no information about the industry investment rating in the provided content. 2. Core View of the Report - The report focuses on the current situation of the pig market, indicating that the sentiment in the spot market has declined, and it is waiting for further confirmation. [1] 3. Summary by Relevant Catalogs Fundamental Tracking - **Price Data**: The Henan spot price of pigs is 12,630 yuan/ton, with a year - on - year increase of 150 yuan/ton; the Sichuan spot price is 12,300 yuan/ton, up 400 yuan/ton year - on - year; the Guangdong spot price is 12,360 yuan/ton, up 300 yuan/ton year - on - year. For futures, the prices of生猪2511, 生猪2601, and 生猪2603 are 12,095 yuan/ton (up 30 yuan/ton year - on - year), 12,160 yuan/ton (down 170 yuan/ton year - on - year), and 11,620 yuan/ton (down 105 yuan/ton year - on - year) respectively. [1] - **Trading Volume and Open Interest**: The trading volumes of生猪2511, 生猪2601, and 生猪2603 are 7,774 hands (down 6,069 hands from the previous day), 86,704 hands (down 5,581 hands from the previous day), and 20,944 hands (down 5,480 hands from the previous day) respectively. The open interests are 8,068 hands (down 2,667 hands from the previous day), 117,248 hands (up 7,747 hands from the previous day), and 92,827 hands (up 4,056 hands from the previous day) respectively. [1] - **Spread Data**: The basis of生猪2511, 生猪2601, and 生猪2603 are 535 yuan/ton (up 120 yuan/ton year - on - year), 470 yuan/ton (up 320 yuan/ton year - on - year), and 1,010 yuan/ton (up 255 yuan/ton year - on - year) respectively. The 生猪11 - 1 spread is - 65 yuan/ton (up 200 yuan/ton year - on - year), and the 生猪1 - 3 spread is 540 yuan/ton (down 65 yuan/ton year - on - year). [1] Market Information - **Trend Intensity**: The trend intensity is 0, indicating a neutral view. The trend intensity ranges from - 2 (most bearish) to 2 (most bullish). [2] Futures Research - **New Delivery Warehouses**: Yuexiu and Yangxiang have added new delivery warehouses. [3] - **Feed Production**: In September, the national feed production of the Feed Industry Association was 30.36 million tons, with a month - on - month increase of 3.4% and a year - on - year increase of 5%. [3]

Report Investment Rating - No specific industry investment rating provided in the report. Core View - The report anticipates that on Wednesday, October 29, 2025, both the Shanghai Rubber Futures 2601 contract and the Synthetic Rubber Futures 2512 contract will likely exhibit a weak and volatile trend [1][5][7]. Summary by Variety Shanghai Rubber (RU) - **Short - term, Medium - term, and Intraday Views**: Short - term and intraday views are "volatile", and the medium - term view is "weakly volatile". The reference view is "weakly running" [1][5]. - **Core Logic**: Positive policies were released after the Fourth Plenary Session of the 20th Central Committee, and the China - US economic and trade talks sent positive signals, improving the macro - sentiment. The better - than - expected domestic new car production and sales data in September also supported the industry factors. However, as the previous positive factors were digested, the upward momentum of rubber prices weakened. On Tuesday night, the 2601 contract of Shanghai rubber futures showed a volatile and stable trend, with the price slightly rising 0.06% to 15,395 yuan/ton [5]. Synthetic Rubber (BR) - **Short - term, Medium - term, and Intraday Views**: Short - term and intraday views are "volatile", and the medium - term view is "weakly volatile". The reference view is "weakly running" [1][7]. - **Core Logic**: The supply pressure of synthetic rubber continued to increase. In 2025, the planned new capacity of domestic butadiene was 980,000 tons, and the total capacity was expected to reach 7.677 million tons/year, a year - on - year increase of 14.6%. The rapid expansion of butadiene supply provided sufficient raw materials for synthetic rubber production but also exacerbated the over - supply pressure in the industry chain. Even during the period of the strongest demand expectation this year, synthetic rubber prices did not rebound significantly, indicating fundamental weakness. On Tuesday night, the 2512 contract of domestic synthetic rubber futures showed a weak downward trend, with the price dropping 2.62% to 10,585 yuan/ton [7].

Industry Investment Ratings - Cotton: White star, indicating short - term multi/empty trends in a relatively balanced state with poor operability on the current market, suggesting a wait - and - see approach [1] - Paper pulp: ★☆☆, representing a bias towards short, with a driving force for a downward trend but poor operability on the market [1] - Sugar: ★☆☆, representing a bias towards short, with a driving force for a downward trend but poor operability on the market [1] - Apple: White star, indicating short - term multi/empty trends in a relatively balanced state with poor operability on the current market, suggesting a wait - and - see approach [1] - Timber: White star, indicating short - term multi/empty trends in a relatively balanced state with poor operability on the current market, suggesting a wait - and - see approach [1] - Natural rubber: White star, indicating short - term multi/empty trends in a relatively balanced state with poor operability on the current market, suggesting a wait - and - see approach [1] - 20 - numbered rubber: ★☆☆, representing a bias towards short, with a driving force for a downward trend but poor operability on the market [1] - Butadiene rubber: ★☆☆, representing a bias towards short, with a driving force for a downward trend but poor operability on the market [1] Core Views - The report analyzes the market conditions of various soft commodities including cotton, sugar, apple, natural rubber, paper pulp, and timber, and provides corresponding investment suggestions based on supply - demand, price trends, and other factors. Most commodities are recommended for a wait - and - see approach currently [2][3][4][5][6][7] Summary by Commodity Cotton & Cotton Yarn - Zhengzhou cotton fluctuated narrowly, and the spot sales basis of cotton was mostly stable. Xinjiang seed cotton purchase prices were slightly stronger, but the increase was limited. As of October 26, the cumulative national cotton inspection volume was 135.55 million tons. The peak season was weak, with insufficient new orders for pure - cotton yarn spinning mills. The short - term rise of Zhengzhou cotton was a rebound with limited space, and it was recommended to wait and see [2] Sugar - Overnight, US sugar continued to decline. Brazil's sugar production remained high. In the Northern Hemisphere, India and Thailand were about to start crushing, and their sugar production was expected to increase year - on - year. Domestically, Zhengzhou sugar was relatively strong, with potential controls on syrup imports. The market's focus shifted to the next season's output estimate. Overall, sugar prices were expected to remain weak [3] Apple - The futures price increased with positions. High - quality apples' prices were stable at a high level, while low - quality ones were weak. Good apples were in short supply, and prices were expected to remain high in the early sales period, but there was inventory pressure for low - quality apples later. The market was mainly trading on cold - storage inventory. National apple bagging volume decreased slightly year - on - year, and production might be adjusted downwards. The initial cold - storage inventory might be higher than expected, and it was recommended to wait and see [4] 20 - numbered Rubber, Natural Rubber & Synthetic Rubber - RU and NR oscillated, BR continued to decline. The domestic natural rubber spot price fell slightly, and the synthetic rubber price was stable. Global natural rubber supply was in the high - yield period. The domestic butadiene rubber plant operating rate increased slightly, while the upstream butadiene plant operating rate decreased slightly. Domestic tire operating rate rebounded slightly, and inventories increased. The total natural rubber inventory in Qingdao decreased to 432,200 tons, the Chinese butadiene port inventory dropped to 24,600 tons, and the Chinese cis - butadiene rubber social inventory increased to 14,000 tons. Demand was warming up, supply pressure was high, and it was recommended to wait and see [5] Paper Pulp - Paper pulp futures declined. The spot price of coniferous pulp and broad - leaf pulp was stable. As of October 23, 2025, the inventory of mainstream Chinese paper pulp ports was 2.055 million tons, a decrease of 19,000 tons from the previous period. In September, domestic paper pulp imports were 2.9525 million tons, an increase of 272,500 tons year - on - year. The port inventory was relatively high, demand was average, and it was expected to oscillate at the bottom, with a recommendation to wait and see or conduct short - term operations [6] Timber - The futures price was weak. The mainstream spot price was stable. In October, the New Zealand radiata pine quotation increased. Domestic importers' willingness to import decreased, and the domestic supply was expected to remain low. Port shipments were over 60,000 cubic meters, and the low inventory supported the price. It was recommended to wait and see [7]

Group 1: Overall Index Performance - The Nanhua Composite Index dropped by -0.92% compared to the previous trading day's closing price [1][3] Group 2: Sector Index Performance - Among the sector indices, only the Nanhua Agricultural Products Index rose by 0.03%, while the rest declined. The Nanhua Precious Metals Index had the largest decline of -3.32%, and the Nanhua Black Index had the smallest decline of -0.25% [1][3] Group 3: Theme Index Performance - The Economic Crops Index had the largest increase of 1.21% among the theme indices, and the Oilseeds and Oils Index had the smallest increase of 0.15%. The Energy Index had the largest decline of -1.15%, and the Building Materials Index had the smallest decline of -0.01% [1][3] Group 4: Single - Variety Index Performance - The Apple single - variety index had the largest increase of 3.38%, and the Gold single - variety index had the largest decline of -3.53% [1][4] Group 5: Agricultural Products Sector Single - Variety Performance - In the agricultural products sector, rapeseed had an increase of 2.61%, corn had an increase of 0.52%, while palm oil declined by -1.56%, live pigs declined by -1.38%, and rapeseed oil declined by -0.18% [8] Group 6: Energy and Chemical Sector Single - Variety Performance - In the energy and chemical sector, synthetic ammonia had an increase of 0.56%, polyethylene had an increase of 0.36%, while coal declined by -1.50%, and crude oil declined by -1.23% [6][12]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - For PTA, influenced by the industry symposium, the futures market was significantly boosted, but the spot basis changed little. It is expected that the short - term spot price will fluctuate strongly, and the spot basis will have limited improvement [5]. - For MEG, with the concentrated arrival of foreign ships this week, port inventories are expected to increase significantly. The overall inventory accumulation in the fourth quarter is about 400,000 tons. It is expected that the short - term price will be adjusted within a range, with continuous upward pressure [6]. - Short - term commodity markets are greatly affected by the macro - level, and there is still an expectation of raw material inventory accumulation. Attention should be paid to the upper resistance level after the market rebounds [10]. 3. Summary by Directory 3.1 Previous Day Review - No relevant content provided 3.2 Daily Tips PTA - **Fundamentals**: Affected by the industry symposium, the PTA futures rose sharply after the afternoon opening. The spot market negotiation atmosphere was average, and the spot basis stabilized. The trading price range was around 4,440 - 4,565, and the mainstream spot basis was at 01 - 81 [5]. - **Basis**: The spot price was 4,490, and the 01 - contract basis was - 126, with the futures at a discount, showing a neutral situation [5]. - **Inventory**: The PTA factory inventory was 4.07 days, a decrease of 0.01 days compared to the previous period, which is a bullish factor [5]. - **Market trend**: The 20 - day moving average was upward, and the closing price was above the 20 - day moving average, which is a bullish factor [5]. - **Main positions**: The net short position decreased, which is a bearish factor [5]. - **Expectation**: The PTA futures were boosted by the symposium, but the spot basis changed little. It is expected that the short - term spot price will fluctuate strongly, and the spot basis will have limited improvement [5]. MEG - **Fundamentals**: On Monday, the price of ethylene glycol fluctuated upward, and the market negotiation was fair. The basis of spot goods was high, and some traders participated in replenishment. In the afternoon, the market rose strongly, and the high - level spot transaction reached over 4,225 yuan/ton [6]. - **Basis**: The spot price was 4,183, and the 01 - contract basis was 74, with the futures at a discount, showing a neutral situation [7]. - **Inventory**: The total inventory in East China was 481,000 tons, a decrease of 14,000 tons compared to the previous period, which is a bullish factor [7]. - **Market trend**: The 20 - day moving average was downward, and the closing price was below the 20 - day moving average, which is a bearish factor [7]. - **Main positions**: The net short position decreased, which is a bearish factor [6]. - **Expectation**: With the concentrated arrival of foreign ships this week, port inventories are expected to increase significantly. The overall inventory accumulation in the fourth quarter is about 400,000 tons. It is expected that the short - term price will be adjusted within a range, with continuous upward pressure [6]. 3.3 Today's Focus - **Positive factors**: The oil price rebounded by more than 7% last week, the largest single - week increase in the second half of the year. Sanctions against Russia were the main driver, and the easing of Sino - US economic and trade relations also improved market expectations [8]. - **Negative factors**: A new 3 - million - ton PTA plant in East China started production last weekend and has now produced products [9]. 3.4 Fundamental Data - **PTA Supply - Demand Balance Sheet**: It shows the supply, demand, inventory, and other data of PTA from January 2024 to December 2025, including PTA production capacity, load, output, consumption, and inventory changes [11]. - **Ethylene Glycol Supply - Demand Balance Sheet**: It shows the supply, demand, inventory, and other data of ethylene glycol from January 2024 to December 2025, including production capacity utilization, production, imports, consumption, and port inventory changes [12]. - **Price Data**: It includes the prices of various products such as naphtha, p - xylene, PTA, MEG, and polyester fibers, as well as the basis and profit data of futures contracts [13].