Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - For protein meal, it is expected to rise in the short - term following the import cost, with improved crushing margins, but in the medium - term, the global soybean supply is expected to be loose, so it is advisable to sell on rebounds [4]. - For palm oil, if the high production in Indonesia cannot be sustained, the inventory - building situation may reverse in the fourth quarter and the first quarter of next year. Before the export of Malaysian palm oil improves, it should be regarded as having a weak - oscillating trend, and turn to a long - position thinking if there are signals of production decline [6]. - For sugar, due to strengthened import controls on syrup and premixes, Zhengzhou sugar prices have rebounded, but the external market is still weak. It is recommended to short after the rebound weakens [10]. - For cotton, the fundamentals are weak, and it is expected that the cotton price will continue to oscillate in the short - term [13]. - For eggs, in the short - term, they are expected to be in a strong - consolidation state, and in the medium - term, pay attention to the upper pressure and wait to short [17]. - For pigs, in the long - term, the strategy is to short on rebounds, currently, the reverse spread is the first - choice strategy, followed by shorting after rebounds [20]. Summary by Relevant Catalogs Protein Meal Market Information - Last Friday, CBOT soybeans rose slightly. Brazilian soybean premiums fell last week. Domestic soybean meal spot prices were stable over the weekend, with the East China price at 2,990 yuan/ton. Last week, soybean meal trading was weak, but pick - up was good. Feed enterprise inventory days decreased by 0.26 days to 7.75 days. MYSTEEL expects this week's domestic soybean crushing volume to be 2.1579 million tons, compared with 1.8057 million tons last week. In the next two weeks, rainfall in major Brazilian planting areas will be at a neutral level, and soybean planting may proceed normally. China's announcement of resuming the soybean export qualifications of several institutions such as CHS and the import qualification of US logs on Friday led to optimistic expectations for US soybean demand, causing the CBOT soybean market to rebound [3]. Strategy Viewpoints - In terms of import cost, although there are signals of China importing US soybeans, the rise in US soybean prices may be offset by the decline in Brazilian premiums, so the import cost will mainly oscillate. Domestic soybean inventory is at a record high, and soybean meal inventory is large, putting pressure on crushing margins. However, as it gradually enters the destocking season, there is some support. It is expected that soybean meal will rise in the short - term following the import cost, with improved crushing margins, which will stimulate vessel bookings. In the medium - term, the expectation of a loose global soybean supply remains unchanged, and it is advisable to sell on rebounds [4]. Fats and Oils Market Information - ITS and AMSPEC data show that Malaysia's palm oil exports in October increased by 4.31% - 5.19% compared with the same period last month. SPPOMA data show that Malaysia's palm oil production increased by 5.55% in October and 6.8% in the first 5 days of November. The US Department of Agriculture will release monthly supply - demand forecasts on November 14, and MPOB will release the palm oil monthly report at 12:30 on November 10. Last Friday, domestic fats and oils oscillated weakly, and the overall commodity market corrected. Palm oil prices are still constrained by the high production in Malaysia and Indonesia recently, and no signal of production decline has been seen. Domestic spot basis is stable at a low level [5]. Strategy Viewpoints - The unexpectedly high production of palm oil in Malaysia and Indonesia suppresses the market performance. The current situation of inventory - building due to large supply may reverse in the fourth quarter and the first quarter of next year. If Indonesia's high production cannot be sustained, the destocking time may come earlier. If Indonesia maintains its recent high - production record, palm oil will continue to be weak. It is recommended to regard it as having a weak - oscillating trend before the export of Malaysian palm oil improves, and turn to a long - position thinking if there are signals of production decline [6]. Sugar Market Information - On Friday, the Zhengzhou sugar futures price oscillated narrowly. The closing price of the January contract was 5,457 yuan/ton, up 9 yuan/ton or 0.17% from the previous trading day. In the spot market, Guangxi sugar - making groups quoted 5,690 - 5,730 yuan/ton, up 10 - 30 yuan/ton from the previous trading day; Yunnan sugar - making groups quoted 5,530 - 5,580 yuan/ton, down 0 - 10 yuan/ton from the previous trading day; the mainstream price range of processing sugar mills was 5,790 - 5,890 yuan/ton, unchanged from the previous trading day. The basis of Guangxi spot - Zhengzhou sugar main contract (sr2601) was 233 yuan/ton. Brazil exported 4.205 million tons of sugar in October, a year - on - year increase of 12.8%. As of October in the 2025/26 sugar - crushing season, the cumulative sugar exports were 21.95 million tons, a year - on - year decrease of 5.27%. Brazil's Conab estimated that the sugarcane output in the central - southern region in the 2025/26 sugar - crushing season would be 607.38 million tons, lower than the previous estimate of 609.76 million tons. Sugar production is expected to be 41.34 million tons, higher than the previous estimate of 40.64 million tons. India's ISMA estimated that the total sugar production (before deducting the amount used for ethanol production) in the 2025/26 sugar - crushing season would be 34.35 million tons; after deducting the estimated 3.4 million tons used for ethanol production, the net sugar production is expected to be 30.95 million tons [9]. Strategy Viewpoints - Recently, due to strengthened import controls on syrup and premixes, Zhengzhou sugar prices have rebounded, but the external market is still very weak. Since August this year, due to a significant year - on - year increase in the proportion of sugarcane used for sugar production, the cumulative sugar production in the central - southern region of Brazil has exceeded that of last year, leading to a continuous decline in raw sugar prices. Currently, it is expected that the main northern hemisphere producing countries will increase production in the 2025/26 new sugar - crushing season, and the upward space for raw sugar is limited. As a result, the import profit has reached a five - year high. It is recommended to short after the rebound weakens [10]. Cotton Market Information - On Friday, the Zhengzhou cotton futures price continued to oscillate. The closing price of the January contract was 13,580 yuan/ton, down 25 yuan/ton or 0.18% from the previous trading day. In the spot market, the China Cotton Price Index (CCIndex) 3128B was 14,859 yuan/ton, up 39 yuan/ton from the previous trading day. The basis of the China Cotton Price Index (CCIndex) 3128B - Zhengzhou cotton main contract (CF2601) was 1,279 yuan/ton. As of the week of November 7, the spinning mill operating rate was 65.4%, down 0.2 percentage points from the previous week, 6.3 percentage points lower than the same period last year, and 8.64 percentage points lower than the five - year average of 74.04%. On November 6, the machine - picked cotton purchase index in Xinjiang was 6.26 yuan/kg, and the hand - picked cotton purchase index was 6.98 yuan/kg, both unchanged from the previous day [12]. Strategy Viewpoints - Fundamentally, demand is weak this year, and the operating rate of the downstream industry chain has declined significantly compared with the same period in previous years. In the new year, there is a large domestic harvest, and the pressure of selling for hedging is high. Recently, the new cotton purchase price has risen slightly, driving the rebound of Zhengzhou cotton, but the fundamentals are still weak. It is expected that the cotton price will continue to oscillate in the short - term [13]. Eggs Market Information - Over the weekend, domestic egg prices showed a mixed trend of rising, falling, and remaining stable, with overall small fluctuations. The large - sized eggs in Heishan remained unchanged at 2.9 yuan/jin, and the small - sized eggs in Guantao decreased by 0.04 yuan to 2.76 yuan/jin. With a decrease in newly - laid hens and continuous hen culling, the in - production hen inventory is gradually reaching its peak and declining. However, the overall supply scale is still large, which may limit the price increase space. On the demand side, since November, it has been frequently stimulated by factors such as stockpiling and restocking, and there is strong support at the bottom. Overall, egg prices will mainly oscillate strongly until the end of the inventory - building season [15]. Strategy Viewpoints - The expectation of the inventory reaching its peak and declining due to continuous low replenishment and high culling, combined with the increasing stockpiling sentiment after the temperature drop, has broken the previous downward spiral of egg prices. With the continuation of consumption themes such as the Double Eleven and pre - holiday restocking, the improved sentiment is expected to drive the market to build inventory. The futures market has reacted in advance to the price increase expectation, but with the futures price at a premium to the spot price, long - position traders are generally cautious, and the expectation of high - supply suppression still exists. It is expected to be in a strong - consolidation state in the short - term, and it is advisable to wait and see or conduct short - term trading. In the medium - term, pay attention to the upper pressure and wait to short [17]. Pigs Market Information - Over the weekend, domestic pig prices were mainly stable, with local small increases. The average price in Henan rose 0.17 yuan to 12.2 yuan/kg, and the average price in Sichuan rose 0.04 yuan to 11.51 yuan/kg. The plan completion rate in the first ten days was good, and farmers had a mentality of holding up prices. However, after the pig price rose, slaughterhouses were resistant, which may cause a short - term reduction in volume. It is expected that today's pig prices will be mainly stable, with local small increases or decreases [19]. Strategy Viewpoints - This round of rebound is mainly driven by frozen product warehousing and increased second - fattening. The subsequent supply generated will, together with the basic supply and future pre - supply, jointly establish a bearish pattern of high - volume slaughter and large - sized pigs before the Spring Festival. Against the background of oversupply, the long - term direction of the futures market still points to shorting on rebounds. Currently, a game pattern of low prices and high positions has been formed. With limited short - term negative factors, the futures market may rebound. Considering the large near - term supply and the expectation of capacity reduction in the long - term, the current strategy first recommends a reverse spread, followed by shorting after rebounds [20].

Core Viewpoint - The main trend in the zinc futures market is a slight decline, with the Shanghai zinc futures main contract showing a decrease of 0.09% and closing at 22,280.00 yuan [1] Group 1: Market Analysis - According to Shenyin Wanguo Futures, zinc prices are expected to experience weak fluctuations within a range due to a potential oversupply situation, influenced by factors such as the recovery of zinc concentrate processing fees and positive growth in construction investment [2] - Jianxin Futures indicates that the Shanghai zinc market is likely to maintain a range-bound oscillation pattern, with supply remaining relatively loose despite some production declines in the zinc smelting sector [3] Group 2: Supply and Demand Dynamics - The overall smelting profit has turned positive, and smelting output is expected to continue to rise, although there are indications of a slight decrease in production from some recycled zinc enterprises due to rising raw material prices [2][3] - The inventory of galvanized sheets has been increasing weekly, and while primary consumption sectors are showing improvements, the transmission of this improvement to the market remains slow [3]

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The polyolefin market shows a narrow - range downward trend. The restart of previously overhauled devices and new capacity releases lead to an obvious increase in supply. The supply side has certain pressure as upstream inventory transfers downstream, with a slight decrease in producers' inventory and an increase in mid - stream inventory. The cost - side support is weak, and the demand side is slowly rising but lacks new orders in the short term, resulting in limited upward - driving force [3] Summary by Directory 1. Polyolefin Basis Structure - The closing price of the L main contract is 7270 yuan/ton (-17), and the closing price of the PP main contract is 6965 yuan/ton (-9). The LL North China spot price is 7180 yuan/ton (-50), the LL East China spot price is 7190 yuan/ton (-110), and the PP East China spot price is 6850 yuan/ton (-50). The LL North China basis is -90 yuan/ton (-33), the LL East China basis is -80 yuan/ton (-93), and the PP East China basis is -115 yuan/ton (-41) [1] 2. Production Profit and Operating Rate - PE operating rate is 78.7% (+0.0%), and PP operating rate is 80.2% (+2.0%). PE oil - based production profit is 315.2 yuan/ton (+17.8), PP oil - based production profit is -324.8 yuan/ton (+17.8), and PDH - based PP production profit is 2.2 yuan/ton (-59.9) [1] 3. Polyolefin Non - Standard Price Difference - Not elaborated in the content 4. Polyolefin Import and Export Profit - LL import profit is -150.0 yuan/ton (-20.6), PP import profit is -550.0 yuan/ton (-50.6), and PP export profit is 26.2 US dollars/ton (+6.3) [2] 5. Polyolefin Downstream Operating Rate and Downstream Profit - PE downstream agricultural film operating rate is 17.5% (+2.9%), PE downstream packaging film operating rate is 49.6% (-0.3%), PP downstream plastic weaving operating rate is 42.3% (+0.3%), and PP downstream BOPP film operating rate is 60.4% (-0.3%) [2] 6. Polyolefin Inventory - Upstream inventory transfers downstream, producers' inventory decreases slightly, and mid - stream inventory accumulates [3] Strategies - Unilateral: Neutral; - Inter - period: 01 - 05 reverse spread; - Inter - variety: Long L - P [4]

1. Report Industry Investment Ratings - All investment ratings for cotton, sugar, and pulp are neutral [3][6][8] 2. Core Views of the Report - For cotton, the global cotton market in the 25/26 season will be in a supply - loose pattern. US cotton prices are expected to oscillate, while Zhengzhou cotton has limited upside due to factors like new cotton supply and weak demand [2][3] - For sugar, the global sugar market anticipates an increase in production. Zhengzhou sugar prices will likely be range - bound in the short term and in a downward cycle in the long term [5][6] - For pulp, short - term macro - sentiment boosts prices, but supply pressure and weak demand will keep prices at a low level in the near future [7][8] 3. Summary by Relevant Catalogs Cotton Market News and Key Data - Futures: The closing price of the cotton 2509 contract was 14,225 yuan/ton, up 40 yuan/ton (+0.28%) from the previous day [1] - Spot: The Xinjiang arrival price of 3128B cotton was 15,416 yuan/ton, down 64 yuan/ton; the national average price was 15,549 yuan/ton, down 40 yuan/ton [1] - US cotton: As of July 20, the budding rate was 71%, 8 percentage points slower than last year; the boll - setting rate was 33%, 7 percentage points slower than last year; the good - quality rate was 57%, 4 percentage points higher than last year [1] Market Analysis - International: The supply - side weather narrative is weak, and the global cotton market will have a loose supply in the 25/26 season. US cotton prices will oscillate [2] - Domestic: Cotton commercial inventory is decreasing rapidly, but the quota is not issued, and imports will be low. However, new cotton is expected to have a good harvest, and demand is weak [2] Strategy - Be neutral. In the short term, Zhengzhou cotton 09 may rise, but the 01 contract has limited upside [3] Sugar Market News and Key Data - Futures: The closing price of the sugar 2509 contract was 5,823 yuan/ton, down 16 yuan/ton (-0.27%) from the previous day [3] - Spot: The spot price in Nanning, Guangxi was 6,050 yuan/ton, down 10 yuan/ton; in Kunming, Yunnan it was 5,920 yuan/ton, unchanged [3] - India: As of mid - July 2025, India exported 65 - 70 million tons of sugar, aiming for 80 million tons by September [4] Market Analysis - International: The market is trading the expectation of global sugar production increase, and the upside of raw sugar is limited [5] - Domestic: Domestic sugar prices are firm, but imports are increasing, and there is pressure on Zhengzhou sugar prices [5] Strategy - Be neutral. In the short term, trade within the range; in the long term, sell on rallies [6] Pulp Market News and Key Data - Futures: The closing price of the pulp 2509 contract was 5,368 yuan/ton, up 34 yuan/ton (+0.64%) from the previous day [7] - Spot: The spot price of Chilean silver star softwood pulp in Shandong was 5,950 yuan/ton, unchanged; the price of Russian softwood pulp was 5,285 yuan/ton, unchanged [7] Market Analysis - Supply: In the first half of 2025, wood pulp imports increased, and domestic pulp production capacity will be put into operation. Port inventory is high, and supply pressure remains [7] - Demand: European and American pulp consumption is weak, and domestic demand is affected by the off - season. Terminal demand improvement is limited [7] Strategy - Be neutral. In the short term, pulp prices may stay at the bottom. Look for short - selling opportunities after the macro - stimulus ends [8]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - For crude oil, the current geopolitical risks have gradually subsided, but the short - term decline in oil prices has been significant. It is believed that the current oil prices have reached a reasonable range. Short positions can still be held, but it is not advisable to chase short positions [2]. - For methanol, it has returned to its own fundamentals. The reality is still low inventory, and the spot performance is relatively strong. The valuation of methanol spot itself is relatively high, and the downstream profits have been significantly compressed. It is recommended to wait and see [3]. - For urea, the supply is starting to decline, and the demand for compound fertilizers in the autumn will gradually start. Exports are expected to continue. It is believed that the supply - demand situation of urea may improve slightly, and the short - term downward space for prices is relatively limited. One can pay attention to short - term long opportunities on dips [5]. - For rubber, there is a market expectation of storing 50,000 tons of smoked sheet rubber. NR and RU have strengthened in a volatile manner. It is recommended to adopt a neutral approach, conduct short - term operations, and enter and exit quickly. Also, pay attention to the band - trading opportunity of going long on RU2601 and short on RU2509 [8][10]. - For PVC, under the expectation of strong supply and weak demand, the main logic of the market is still inventory reduction and weakening. The fundamentals are under pressure, and it is expected to operate weakly in the short term [10]. - For styrene, the cost side is relatively loose, the supply side is increasing in inventory, and the demand side is in the seasonal off - season. It is expected that the styrene price may fluctuate downward [13]. - For polyethylene, the short - term contradiction has shifted from cost - driven decline to high - maintenance - promoted inventory reduction. The price is expected to remain volatile [15]. - For polypropylene, the profit of Shandong refineries has stopped falling and rebounded, and the demand side is expected to decline seasonally. It is expected that the polypropylene price will be bearish in June [16]. - For PX, after the end of the maintenance season, the load remains high. In the third quarter, due to the commissioning of new PTA plants, PX is expected to continue to reduce inventory. After the geopolitical situation eases and risks are released, pay attention to the opportunity of going long on dips following crude oil [18][19]. - For PTA, in July, the expected increase in maintenance volume will lead to a slight reduction in inventory, and the processing fee is supported. After the geopolitical situation eases and risks are released, pay attention to the opportunity of going long on dips following PX [20]. - For ethylene glycol, the inventory reduction in ports is expected to gradually slow down. The fundamentals are weak, and in the short term, it may be strong due to the unexpected shutdown of Saudi plants. Pay attention to the opportunity of short - selling on rallies, but beware of ethane import risks [21]. 3. Summary by Relevant Catalogs Crude Oil - **Market Quotes**: WTI main crude oil futures rose $0.56, or 0.86%, to $65.53; Brent main crude oil futures fell $0.35, or 0.52%, to $67.28; INE main crude oil futures rose 1.10 yuan, or 0.22%, to 499.4 yuan [2]. - **Data**: At the Fujairah port, gasoline inventory decreased by 0.45 million barrels to 7.61 million barrels, a month - on - month decrease of 5.56%; diesel inventory decreased by 0.54 million barrels to 1.63 million barrels, a month - on - month decrease of 24.94%; fuel oil inventory decreased by 0.28 million barrels to 9.13 million barrels, a month - on - month decrease of 3.03%; total refined oil inventory decreased by 1.27 million barrels to 18.37 million barrels, a month - on - month decrease of 6.49% [2]. Methanol - **Market Quotes**: On July 1, the 09 contract rose 3 yuan/ton to 2384 yuan/ton, the spot price fell 270 yuan/ton, and the basis was +136 [3]. - **Analysis**: It has returned to its own fundamentals with low inventory and strong spot performance. The downstream profits have been compressed, and it is expected that the port will not accumulate a large amount of inventory before the 09 contract. It is recommended to wait and see [3]. Urea - **Market Quotes**: On July 1, the 09 contract rose 9 yuan/ton to 1721 yuan/ton, the spot price fell 10 yuan/ton, and the basis was +39 [5]. - **Analysis**: The number of maintenance devices has increased, and domestic demand has weakened. Exports are continuing, and port inventory is rising. It is expected that the supply - demand situation will improve slightly, and one can pay attention to short - term long opportunities on dips [5]. Rubber - **Market Quotes**: There is a market expectation of storing 50,000 tons of smoked sheet rubber, and NR and RU have strengthened in a volatile manner [8]. - **Analysis**: Bulls are optimistic due to the expected production reduction, while bears are pessimistic due to the poor macro - outlook and weak demand. The tire start - up rate has increased year - on - year and month - on - month. It is recommended to adopt a neutral approach and conduct short - term operations [8][9][10]. PVC - **Market Quotes**: The PVC09 contract fell 68 yuan to 4821 yuan, the spot price of Changzhou SG - 5 was 4740 yuan/ton (down 80 yuan/ton), the basis was - 81 yuan/ton (down 12 yuan/ton), and the 9 - 1 spread was - 93 yuan/ton (down 4 yuan/ton) [10]. - **Analysis**: The cost side has some upward pressure, the supply is high, the demand is weak, and the exports are expected to weaken. The market is expected to operate weakly [10]. Styrene - **Market Quotes**: The spot price and futures price have both fallen, and the basis has strengthened [12]. - **Analysis**: The cost side is relatively loose, the supply side is increasing in inventory, and the demand side is in the seasonal off - season. It is expected that the styrene price may fluctuate downward [12][13]. Polyethylene - **Market Quotes**: The futures price has fallen. The main contract closed at 7249 yuan/ton, down 12 yuan/ton, the spot price fell 15 yuan/ton, and the basis was 51 yuan/ton, weakening by 3 yuan/ton [15]. - **Analysis**: The short - term contradiction has shifted, and the price is expected to remain volatile [15]. Polypropylene - **Market Quotes**: The futures price has fallen. The main contract closed at 7044 yuan/ton, down 26 yuan/ton, the spot price remained unchanged, and the basis was 176 yuan/ton, strengthening by 26 yuan/ton [16]. - **Analysis**: The profit of Shandong refineries has rebounded, and the demand side is expected to decline seasonally. It is expected that the price will be bearish in June [16]. PX - **Market Quotes**: The PX09 contract fell 2 yuan to 6794 yuan, the PX CFR fell 13 dollars to 861 dollars, and the basis was 305 yuan (- 110 yuan), and the 9 - 1 spread was 160 yuan (- 34 yuan) [18]. - **Analysis**: After the end of the maintenance season, the load remains high. In the third quarter, due to the commissioning of new PTA plants, PX is expected to continue to reduce inventory. It is recommended to pay attention to the opportunity of going long on dips following crude oil [18][19]. PTA - **Market Quotes**: The PTA09 contract rose 2 yuan/ton to 4800 yuan, the East China spot price fell 50 yuan to 4980 yuan, the basis was 175 yuan (- 49 yuan), and the 9 - 1 spread was 126 yuan (- 18 yuan) [20]. - **Analysis**: In July, the expected increase in maintenance volume will lead to a slight reduction in inventory, and the processing fee is supported. It is recommended to pay attention to the opportunity of going long on dips following PX [20]. Ethylene Glycol - **Market Quotes**: The EG09 contract rose 6 yuan/ton to 4273 yuan, the East China spot price fell 6 yuan to 4328 yuan, the basis was 69 yuan (+ 5 yuan), and the 9 - 1 spread was - 21 yuan (+ 6 yuan) [21]. - **Analysis**: The inventory reduction in ports is expected to gradually slow down. The fundamentals are weak, and in the short term, it may be strong due to the unexpected shutdown of Saudi plants. Pay attention to the opportunity of short - selling on rallies [21].

Group 1 - Tin prices rebounded significantly due to slow resumption of production in Myanmar and concerns over future supply [1] - Demand from downstream sectors such as solder, electronics, and home appliances remains limited, with low inventory levels [1] - The expected resumption of supply from Myanmar is unlikely to change, leading to limited upside for tin prices [1] Group 2 - Nickel prices experienced fluctuations, influenced by lower-than-expected US data which raised interest rate cut expectations [1] - Refined nickel production is at historical highs, while demand from the stainless steel market is subdued [1] - The price of nickel ore from the Philippines remains stable, while Indonesian prices show mixed trends [1] Group 3 - The macroeconomic uncertainty is high, with a slightly improving short-term nickel fundamental outlook but a bearish long-term perspective [1] - Recommendations for trading include selling on rallies for both tin and nickel [1] - Short-term price ranges for tin and nickel contracts are provided, indicating expected trading levels [1]

Group 1: Urea Market - Urea futures prices experienced wide fluctuations, with the main 09 contract closing at 1897 CNY/ton, a slight increase of 0.32% [1] - Spot market prices in certain regions continued to rise, with Shandong at 1970 CNY/ton and Henan at 1930 CNY/ton, both stable on a daily basis [1] - Urea supply has significantly decreased, with daily production at 192,800 tons, down 980 tons from the previous day [1] - Demand remains cautious, with an overall sales rate of 42%, a decline from the previous day [1] - Market sentiment may be pressured by export expectations not meeting forecasts, leading to a potential retreat in futures market sentiment [1] Group 2: Soda Ash Market - Soda ash futures prices opened high but weakened, with the main 09 contract closing at 1291 CNY/ton, a decrease of 0.84% [1] - Most spot market prices remained stable, with self-pickup prices in Shihezi and surrounding areas at 1330 CNY/ton, unchanged from the previous day [1] - The industry operating rate has dropped to 75.45% due to ongoing plant maintenance, with further supply declines expected [1] - Demand remains steady but with low purchasing enthusiasm from downstream sectors, leading to a cautious approach [1] - The futures market is expected to experience wide fluctuations despite strengthened supply support [1] Group 3: Glass Market - Glass futures prices trended downward, with the main 09 contract closing at 1016 CNY/ton, a decline of 1.93% [1] - The average price of domestic float glass in the spot market decreased to 1267 CNY/ton, down 3 CNY/ton from the previous day [1] - Glass supply has remained stable recently, with a daily melting capacity of 155,800 tons [1] - Glass manufacturers are primarily focused on sales, with some potential for discounts [1] - Demand remains cautious, with localized improvements in sales rates, while other regions maintain a rate of 80-90% [1] - The short-term glass market lacks new positive factors, with expectations of weak bottom fluctuations in futures prices [1]

Group 1: Urea Market - Urea futures prices experienced wide fluctuations, closing at 1897 CNY/ton, a slight increase of 0.32% [1] - Urea supply decreased with a daily production of 192,800 tons, down by 980 tons from the previous day [1] - The overall production and sales rate in major regions was 42%, showing a day-on-day decline [1] Group 2: Soda Ash Market - Soda ash futures prices opened high but weakened, closing at 1291 CNY/ton, a decrease of 0.84% [1] - The industry operating rate fell to 75.45%, with ongoing maintenance plans expected to further reduce supply [1] - Demand remained stable but cautious, with downstream purchasing activity being low [1] Group 3: Glass Market - Glass futures prices declined, closing at 1016 CNY/ton, down 1.93% [1] - The average price of float glass in the domestic market was 1267 CNY/ton, a decrease of 3 CNY from the previous day [1] - The industry maintained a daily melting capacity of 155,800 tons, with manufacturers focusing on sales to avoid high inventory levels [1]