Core Insights - Palm oil futures prices have declined for two consecutive days, indicating a bearish trend in the market [1] - Malaysia's palm oil inventory is expected to decrease for the first time in four months, which could impact supply dynamics [1] - The upcoming supply and demand report may serve as a potential catalyst for market recovery [1]

Core Viewpoint - Copper futures on the London Metal Exchange (LME) have reached a two-week high, indicating a potential shift in market dynamics due to significant changes in inventory levels and pricing structures [1] Group 1: Market Dynamics - LME copper inventory has decreased sharply by 65%, suggesting a tightening supply situation that could impact future pricing [1] - The cash copper contract premium has narrowed, reflecting changes in market demand and supply balance [1] Group 2: Future Price Trends - The current market conditions raise questions about whether the tight supply situation can be alleviated and how this will affect future price movements [1]

Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Report Date: June 11, 2024 [2] Industry Investment Rating - Not provided in the given content Core Viewpoints - The soda ash market is in an overall surplus pattern, with supply rising, demand falling, and inventory accumulating. This surplus situation suppresses prices, and the market is expected to be dominated by low-level fluctuations in the future due to weak demand and downstream factors [8]. - The glass market is affected by seasonal factors, high mid - stream inventory, slow capacity reduction, and the downturn in the real estate industry. The glass futures main contract is expected to maintain a low - level oscillating trend in the short term [9][10]. Summary by Directory I. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - On June 10, the main soda ash futures contract SA509 opened low, rose, and then fell slightly. The closing price was 1,208 yuan/ton, down 5 yuan/ton or 0.41%, with a daily reduction of 64,798 lots [7]. - In terms of fundamentals, the weekly production of soda ash in China for the week of June 5 rebounded to 704,100 tons, a 2.78% increase from the previous week, and the capacity utilization rate decreased to 80.76%, a 2.19% increase from the previous week. The shipment volume of soda ash enterprises as of June 5 was 701,400 tons, a 4.90% decrease from the previous week, and the enterprise inventory remained at 1.627 million tons, continuing to accumulate slightly. The supply - demand contradiction is prominent, and the market is expected to be dominated by low - level oscillations [8]. Glass - The glass demand is significantly affected by seasonal factors. During the traditional rainy season, construction activities are restricted, and the terminal demand for glass continues to weaken. The high mid - stream inventory and slow capacity reduction lead to further inventory accumulation pressure. The domestic real estate completion link has not improved substantially, and the industry's downward trend continues. The main glass futures contract is expected to maintain a low - level oscillating trend in the short term [9][10]. II. Data Overview - The report presents multiple figures showing the price trends of soda ash and glass active contracts, soda ash weekly production, soda ash enterprise inventory, the market price of heavy soda ash in Central China, and flat glass production, with data sources including Wind and Zhuochuang Information [12][13][17]

Report Information - Report Title: Soda Ash and Glass Daily Report [1] - Date: June 10, 2024 [2] - Research Team: Energy and Chemical Research Team [4] - Industry: Soda Ash and Glass [1] Investment Rating - Not provided in the report Core Viewpoints - The soda ash market shows a pattern of rising supply, falling demand, and inventory accumulation, with a long - term surplus situation that suppresses prices. In the future, it will mainly oscillate at a low level [8]. - The glass market is affected by seasonal factors, high - level intermediate inventory, slow capacity reduction, and the weak real - estate market. The short - term outlook is for the main contract to oscillate at a low level [9][10] Summary by Directory 1. Soda Ash and Glass Market Review and Operation Suggestions Soda Ash - **Daily Market**: On June 9, the main soda ash futures contract SA509 oscillated and recovered. The closing price was 1,202 yuan/ton, down 11 yuan/ton, a decline of 0.90%, with a daily increase in positions of 117,554 lots [7]. - **Fundamentals**: In the week of June 5, China's weekly soda ash production rose to 704,100 tons, a month - on - month increase of 2.78%. The weekly capacity utilization rate dropped to 80.76%, a month - on - month increase of 2.19%. As of June 5, the soda ash enterprise shipments were 701,400 tons, a month - on - month decrease of 4.90%. The weekly enterprise factory inventory remained at 1.627 million tons, with continued slight inventory accumulation [8]. - **Outlook**: In the medium - and short - term, production is likely to continue to rise, supply will increase, and inventory may further accumulate. Demand is expected to be weak, and the long - term pattern is one of surplus. Affected by the weak real - estate market, the demand for architectural glass is weak, and the soda ash futures price lacks the impetus for continuous rise. In the future, supply - demand contradictions are prominent, and it will mainly oscillate at a low level [8] Glass - **Daily Market**: Not specifically described in terms of daily price changes, but focused on the future outlook [9] - **Outlook**: The demand side of glass is significantly affected by seasonal factors. During the current traditional rainy season, construction activities are restricted, and terminal demand continues to weaken. The high - level intermediate inventory is the main resistance to price increases, and the slow capacity reduction process leads to the pressure of further inventory accumulation. The domestic real - estate completion stage has not improved substantially, and the downward trend continues. Although there are expectations for incremental policies, they are difficult to fundamentally reverse the supply - demand imbalance. It is expected that the main glass futures contract will maintain a low - level oscillation in the short term [9][10] 2. Data Overview - The report provides multiple data charts, including the price trends of active soda ash and glass contracts, weekly soda ash production, soda ash enterprise inventory, central China heavy soda market price, and flat glass production, with data sources including Wind and Zhuochuang Information [12][17][18]

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The supply and demand of soda ash have both increased, but there is still inventory accumulation. The market is expected to face insufficient downstream purchasing power, with a long - term oversupply situation. The soda ash futures price lacks continuous upward momentum, and the market will mainly fluctuate at a low level [8]. - The demand for glass is significantly affected by seasonal factors. During the traditional rainy season, the terminal demand is weak, the mid - stream inventory is high, and the capacity reduction process is slow. The real - estate market has not improved substantially. The glass futures main contract is expected to maintain a low - level oscillation in the short term [9][10]. 3. Summary by Relevant Catalogs 3.1 Soda Ash and Glass Market Review and Operation Suggestions - **Soda Ash Market Review** - On June 4, the main soda ash futures SA509 rebounded significantly. The closing price was 1185 yuan/ton, down 19 yuan/ton, a decrease of 1.55%, and the daily position decreased by 68,739 lots [7]. - In the week of May 29, the weekly output of Chinese soda ash rose to 689,000 tons, a month - on - month increase of 3.79%, at the middle level this year. The weekly capacity utilization rate dropped to 79.03%, a month - on - month increase of 0.40%. As of May 29, the soda ash enterprise shipment volume was 741,500 tons, a month - on - month increase of 6.08%. The weekly enterprise factory inventory remained at 1.6243 million tons, with a slight inventory accumulation [8]. - **Soda Ash Market Outlook** - In the short and medium term, production is likely to continue to rise, inventory may further accumulate, demand is expected to be weak, and the long - term pattern is oversupply. The price will mainly oscillate at a low level due to prominent supply - demand contradictions [8]. - **Glass Market Review** - The demand for glass is affected by seasonal factors. During the rainy season, construction activities are restricted, terminal demand is weak, mid - stream inventory is high, and capacity reduction is slow, resulting in potential further inventory accumulation [9]. - **Glass Market Outlook** - The glass futures main contract is expected to maintain a low - level oscillation in the short term as the real - estate market has not improved substantially, and policies can only boost short - term sentiment [9][10]. 3.2 Data Overview - The report provides figures on the price trends of active soda ash and glass contracts, soda ash weekly output, soda ash enterprise inventory, central China heavy soda market price, and flat glass output, with data sources including Wind and Zhuochuang Information [12][17][19]

Group 1 - The main PTA futures contract closed at 4700.00 CNY/ton, a slight decrease of 1.09% [1] - A 1.5 million ton PTA plant in East China has restarted operations after maintenance, while a 3 million ton PTA plant is currently undergoing maintenance, expected to last around 10 days [2] - As of yesterday, China's PTA operating rate was 75.7%, a week-on-week decrease of 1.4%, while the polyester operating rate was 91.8%, down 2.4% week-on-week [2] Group 2 - Current PTA factory inventory stands at 4.15 days, a decrease of 0.23 days from last week and 0.79 days from the same period last year [2] - Polyester factory PTA raw material inventory is at 8.65 days, down 0.3 days from last week but up 0.12 days year-on-year [2] - According to Guangzhou Futures, the PTA market is expected to face supply-demand realities due to maintenance and inventory reduction in May and June, with short-term price support from costs and inventory reduction [3] Group 3 - Nanhua Futures notes that while PTA maintenance and restart are occurring simultaneously, overall operating changes are minimal, with polyester load decreasing by 1.1% to 93.9% [3] - The market is characterized by strong realities and weak expectations, with significant inventory reduction but a slower pace compared to previous periods [3] - There are indications of potential production cuts in downstream polyester factories, leading to increased caution in the market [3]