Summary of Key Takeaways from the Conference Call on the China Chemical Sector Industry Overview - **Industry Focus**: China Chemical Sector, specifically MDI (Methylene Diphenyl Diisocyanate), refrigerants, electrolytes, and TiO2 (Titanium Dioxide) [2][3][4][5] MDI (Methylene Diphenyl Diisocyanate) - **Price Trends**: pMDI prices have decreased year-to-date (YTD), averaging Rmb15,986/t, down 6% YoY, with a forecast range of Rmb14,500-16,000/t for 2026 [8][11] - **Supply Dynamics**: Expected capacity additions in 2026 include Wanhua (700ktpa), BASF (160ktpa), and Covestro (40ktpa) [9] - **Demand Outlook**: Modest domestic demand growth anticipated in 2026, with a projected consumption growth of 2-6% for major downstream applications [10] - **Export Challenges**: Exports expected to decline to ~0.8mt in 2025, primarily due to reduced shipments to the US [10] Refrigerants - **Pricing Divergence**: Significant price variations observed YTD, with R32 and R134a prices increasing by 57% and 47% YoY, respectively, while R22 prices fell due to weak demand [12][15] - **Future Price Projections**: R32 and R134a prices expected to reach Rmb69,500/t and Rmb63,500/t by end-2026, respectively [14] - **Demand Risks**: Potential downside risks from new air conditioning demand and increased overseas capacity, particularly in India [15] Electrolytes - **Supply-Demand Balance**: Anticipated moderation in supply-demand imbalance for LiPF6 in 2026, with a price range forecast of Rmb80,000-90,000/t [16][17] - **Capacity Growth**: Expected capacity growth of 6.8% in 2026, with a slowdown to ~5.4% CAGR from 2026-2030 [17] - **Additives Pricing**: Significant price increases for electrolyte additives noted, with vinylene carbonate rising to Rmb108,000/t [18] TiO2 (Titanium Dioxide) - **Market Conditions**: Domestic TiO2 producers facing losses due to oversupply and high costs, with average prices projected to decline 3% YoY to Rmb13,500/t in 2026 [5][23] - **Capacity Additions**: Anticipated new capacity of 1.12mtpa in 2026, with 200ktpa expected to come online early in the year [21] - **Export Recovery**: Mild recovery in TiO2 export volumes expected, driven by global demand growth and potential changes in India's anti-dumping policies [22] Additional Insights - **Risks in the Chemical Sector**: Key risks include price volatility due to fluctuations in oil prices, macroeconomic uncertainties affecting demand, and rapid capacity expansions leading to oversupply [24] - **Analyst Insights**: The opinions expressed by experts do not necessarily reflect the views of UBS, and the firm disclaims responsibility for the accuracy of the information provided [7]

XRP Supply Dynamics - XRP 的总供应量为 999.8 亿枚，当前流通量略高于 652 亿枚 [1] - 随着网络需求的增加和交易量的增长，XRP 的燃烧量预计将显著增加，从而减少供应 [1] - Ripple 持有近 348 亿枚 XRP 的托管量 [1] ETF Launches and Inflows - Bitwise 的 XRP ETF 上市首日交易额接近 2200 万美元 [1] - Canary 的 XRP ETF 上市首日总流入量为 5890 万美元 [2] - Bitwise 的 XRP ETF 总流入量约为 2544 万美元 [3] Institutional and Retail Adoption - 机构投资者、散户投资者甚至公司都在关注 XRP [1] - Evernorth 预计将持有超过 10 亿枚 XRP [25] Market Outlook - 预计到 2026 年将有 100 多个新的加密货币 ETF 上市，XRP ETF 即将推出，预计将有超过 10 亿美元的资金流入 [8] - 如果价格没有上涨，ETF 的需求可能会导致 XRP 供应短缺 [23]

Market Analysis - The report highlights the concept of "no supply on exchange meme but real" [1]

Core Insights - Oil prices have increased slightly in early Asian trade, recovering from a nearly 2% drop in the previous session, influenced by a mix of demand softness and supply risks, particularly due to impending sanctions on Russian oil [1][3] - Brent futures rose by approximately 16 cents (0.25%) to $63.67 per barrel, while U.S. West Texas Intermediate increased by around 17 cents (0.29%) to $59.42 per barrel [1] - The modest price increase follows a significant drop after reports of renewed diplomatic efforts to resolve the conflict in Ukraine, raising concerns about potential Russian oil supply returning to the market [2] Demand and Supply Dynamics - The rebound in oil prices is primarily driven by traders' focus on the upcoming U.S. deadline to cease operations with major Russian oil producers, which could lead to further oil supply reductions [3] - Despite the recent price recovery, the demand outlook remains weak due to high inventories and global economic uncertainties, indicating that unless demand strengthens, price increases may be limited [4] - Short-term supply concerns are prevalent, but a significant improvement in demand is necessary for a sustainable long-term price rally [4]

The corn market traded either side of unchanged overnight through Monday’s early morning hours, on still light trade volume. December has lost its status of most open interest, but I’ll begin with the nearby issue anyway. Dec25 is showing a 3.5-cent trading range, 1.75 cents on either side of unchanged and was sitting 1.25 cents higher while registering 23,000 contracts changing hands. Is this big volume or moderate at best? It’s difficult to tell these days. My Blink reaction is to say low volume, but agai ...

RT Fred Krueger (@dotkrueger)100s of Trillions into 21 MM Coins.In every other asset class, supply increases to feed the demand- more stock issued.- more bonds issued.- more real estate built.- more gold mined.In this case even a modest 5% move into BTC will cause a 100x increase in price. It will take 20 years. But it will happen. ...

Market Dynamics - US winter wheat markets have experienced a reversal, with Kansas City hard red winter wheat futures trading at a discount to Chicago wheat futures since mid-August [1] - This inversion is driven by supply and quality factors [2] - High hard red winter wheat yields and late-season moisture have lowered protein levels across the hard red winter wheat crop [2] - The abundance of lower quality supply has weighed down the Kansas City hard red winter wheat futures contract price, which requires a minimum 11% protein [3] - Soft red winter wheat maintains a higher value due to its fundamentally lower stocks to use ratio [3] Historical Context - Past inversions include a soft red winter wheat supply crunch from 2019 to late 2021 and the Russian invasion of Ukraine in February 2022 [4] Commodity Pricing - Quality specifications, particularly protein content, can temporarily overpower typical supply-side dynamics in commodity pricing [5]

IBD Videos Get market updates, educational videos, webinars, and stock analysis. BREAKING: Stock Market Ends Wild Week Narrowly Mixed The law of supply and demand has governed the stock market since its inception. If there's strong demand for a stock and not much supply, the price goes up. Conversely, low demand and high supply tends to result in weaker price performance. Supply and demand is on display every day in the Stocks on the Move screen on the homepage… INVESTING RESOURCES Take a Trial Today Get in ...

Let's talk about that and more. Joining us now, Mark Newton, Funst Strats, global head of technical strategy, and as by the tie, you can see a fellow VTEC hokey. Great to have you on set, Mark.Thank you. We actually overlap for a couple of years there. Uh, quickly, uh, oil, are you looking at it as a benefit to the equity market or just kind of its own thing.>> It's its own thing. It's completely a supply demand story. Uh, OPEC plus flipped the flipped the script.They went from, you know, deficit to surplus ...

China's economy is facing a new threat. While most of the world battles inflation, China is grappling with consumer prices that are just too low. And it could be worse than the official numbers tell us.China's official consumer inflation data offers limited detail, and it's not entirely clear how it's tracked. Bloomberg tracked 67 everyday items and found that prices are falling in 51 of them. And the pain of spreading.A brutal price war is breaking out across China's entire economy. If one company starts c ...