Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The international oil price is expected to decline, with the fourth - quarter Brent crude oil price central falling to around $63 per barrel from $67 per barrel in the third quarter [2] - For precious metals, wait patiently for opportunities to enter the market on dips during the oscillatory trend [3] - Copper prices are difficult to break through effectively, and it is advisable to short on rallies [4] - Aluminum prices will mainly oscillate in the short - term, with resistance at 21,000 yuan [5] - For various commodities, different investment strategies are proposed based on their respective supply - demand and market conditions Summary by Commodity Categories Energy Commodities - **Crude Oil**: The IEA's August report increased supply growth forecasts and slightly decreased demand growth forecasts. The fourth - quarter Brent central may fall to around $63 per barrel from $67 per barrel in the third quarter. There is still upward risk due to potential supply disruptions, but the overall driving force is downward [2] - **Fuel Oil & Low - Sulfur Fuel Oil**: In August, the Asian fuel oil market has sufficient arrivals, and the low - sulfur fuel oil market is under pressure due to the expected release of the third - batch quota and weakening costs [18] - **Asphalt**: Supply - demand is expected to tighten marginally. With low inventory, the price has some support, and the recent BU cracking is considered strong [19] - **Liquefied Petroleum Gas**: Overseas exports are loose, but there is support from increased East Asian chemical procurement. The price has stabilized slightly. The domestic market is in a low - level oscillation [20] Metal Commodities - **Precious Metals**: After the release of the US CPI data, the market fully priced in a Fed rate cut in September. Wait patiently for opportunities to enter the market on dips during the oscillatory trend [3] - **Base Metals** - **Copper**: Chile's refined copper output may increase but the growth rate may fall short of expectations again. It is difficult for copper prices to break through 79,500 yuan, and it is advisable to short on rallies [4] - **Aluminum**: The social inventory of aluminum ingots is accumulating, but the peak may occur in August. The price will mainly oscillate in the short - term, with resistance at 21,000 yuan [5] - **Zinc**: The domestic market has weak demand and increasing supply, and the social inventory may rise further. Wait patiently for short - selling opportunities above 23,500 yuan per ton [8] - **Lead**: The price is in a wide - range oscillation. It is advisable to hold long positions with a stop - loss at 16,600 yuan per ton [9] - **Nickel & Stainless Steel**: The fundamentals of nickel are poor, and it is advisable to actively short during the later stage of the rebound [10] - **Tin**: Selectively go short for the short - term at low prices [11] - **Carbonate Lithium**: The futures price oscillates, and attention should be paid to risk management [12] - **Industrial Silicon**: The self - clearing of production capacity is difficult, and the price is affected by related varieties. Pay attention to the support at 8,300 yuan per ton [13] - **Polysilicon**: The price is expected to operate in the range of 48,000 - 53,000 yuan per ton. It is recommended to short cautiously at the lower end of the range [14] Agricultural Commodities - **Soybean & Palm Oil**: Affected by the rapeseed anti - dumping policy and the US Department of Agriculture's supply - demand report, the short - term price volatility should be enlarged, and attention should be paid to the changes in positions [33] - **Rapeseed & Rapeseed Oil**: The domestic rapeseed and rapeseed oil market is expected to remain relatively strong, and a bullish view is maintained [34] - **Soybean No. 1**: Affected by the rapeseed anti - dumping policy and the US Department of Agriculture's supply - demand report, short - term attention should be paid to the fluctuations of surrounding varieties [35] - **Eggs**: The spot price is stable, and the futures market is in a situation of near - term weakness and long - term strength. Attention should be paid to the demand in the peak season and the progress of capacity elimination [37] - **Cotton**: The US Department of Agriculture's August supply - demand report was bullish. Domestic inventory is decreasing, and it is advisable to buy on dips [38] - **Sugar**: The US sugar price is under pressure, and the domestic sugar price is expected to oscillate [39] - **Apples**: The market's trading focus has shifted to the new - season output estimate. It is advisable to wait and see for now [40] Others - **Grain & Oil Chemicals** - **Urea**: The short - term supply - demand is loose, and the market is likely to oscillate within a range [21] - **Methanol**: The domestic market is strong in the inland and weak in the ports. With the approaching peak - season demand, attention should be paid to macro - sentiment and downstream stocking [22] - **Pure Benzene**: There is an expected seasonal improvement in supply - demand in the second half of the third quarter, and it is advisable to conduct month - spread trading [23] - **Styrene**: The price is in a consolidation pattern, with limited upward and downward movement [24] - **Polypropylene, Plastic & Propylene**: Propylene prices are supported, polyethylene demand is expected to increase, and polypropylene is in a weak - adjustment state [25] - **PVC & Caustic Soda**: PVC prices are expected to oscillate weakly, and caustic soda prices are under pressure at high levels [26] - **PX & PTA**: Affected by oil prices, the prices are falling. PX is expected to have a good valuation in the third quarter [27] - **Ethylene Glycol**: The supply - demand pressure is alleviating, and short - term performance is weak due to oil prices [28] - **Short - Fiber & Bottle - Chip**: Short - fiber can be considered for long - position allocation in the medium - term, and bottle - chip is under long - term over - capacity pressure [29] - **Financial Products** - **Stock Index**: The market is in an active state, with a positive macro - driving force. It is recommended to increase the allocation of technology - growth sectors and also pay attention to consumption and cyclical sectors [43] - **Treasury Bonds**: The futures are oscillating. The probability of a steeper yield curve is increasing [44]

1. Report Industry Investment Rating The report does not provide a specific overall investment rating for the energy and chemical industry. However, individual product outlooks suggest a mix of trends, with many products expected to be in a state of "oscillation" or "oscillation with a downward bias" in the short - term [9][11][13]. 2. Core Viewpoints of the Report - The IEA monthly report indicates that in 2026, the global oil surplus will reach a record high due to slowed demand growth and increased supply. The oil market is currently under pressure, and the chemical industry chain is likely to face an oversupply situation. High - inventory varieties may experience a small - scale adjustment, and the future demand trend will determine the performance of the January contracts [2][3]. - The stock market is performing strongly, while the oil market is weak. The seasonal peak of global aviation kerosene demand is about to subside, which has a negative impact on medium - distillate products [2]. 3. Summary According to Relevant Catalogs A. Market Overview - **Crude Oil**: International crude oil futures are in a state of oscillatory consolidation. Geopolitical concerns have eased, but supply pressure still exists. The EIA data shows that the demand at the refinery level in the US in the week of August 8th was relatively strong, but the overall inventory of crude oil and petroleum products increased, which is bearish. The meeting between Trump and Putin on August 15th may reduce concerns about Russian oil supply and the geopolitical premium [2][9]. - **Stock Market**: The US stock market has soared to a record high due to mild inflation data, and the stock markets in other regions of the world are also performing well [2]. B. Product - Specific Analysis - **Asphalt**: It has fallen below the important support level of 3500 yuan. The futures price is moving in the direction of least resistance. The increase in OPEC+ production, potential tariff hikes, and the easing of the Russia - Ukraine conflict are all negative factors. The demand for asphalt is not optimistic, and its valuation is relatively high [11]. - **High - Sulfur Fuel Oil**: It is in a weak oscillatory state. The increase in supply due to OPEC+ production hikes, the increase in import tariffs in China, weak demand in the US gasoline and Middle - East power - generation sectors, and the weakening of the three driving factors (Russia - Ukraine conflict, local refinery procurement, and the Palestine - Israel conflict) all contribute to the supply - demand imbalance [11][12]. - **Low - Sulfur Fuel Oil**: Its futures price is oscillating weakly following the trend of crude oil. It is affected by factors such as the decline in shipping demand, the substitution of green energy and high - sulfur fuel oil, and the increase in domestic refined - oil supply pressure [13]. - **Methanol**: The port inventory continues to accumulate, and it is in an oscillatory state. The production profit is relatively high, but the downstream olefins are under pressure due to the decline in oil prices. There may be opportunities for long - positions in the far - month contracts [29]. - **Urea**: Supported by orders and market sentiment, the futures price has temporarily stabilized and strengthened. The supply - side maintenance has slowed down, and the daily production is at a high level. The market is mainly supported by pending orders and macro - sentiment, and its future trend depends on actual demand [30]. - **Ethylene Glycol**: The cost support has weakened, and the price is in an oscillatory state. The supply change is limited, and the downstream polyester load is stable, but the overall sales performance is poor [22][23]. - **PX**: The cost support has weakened again, and the entire polyester chain is in a downward trend. The supply pressure continues, and the cost support in the short - term has weakened. The short - term price will fluctuate at a low level following the upstream cost [15]. - **PTA**: The cost support has weakened, the sales performance is mediocre, and the warehouse - receipt pressure has increased. The supply has increased while the demand has weakened, and the short - term price will follow the cost for low - level consolidation [16]. - **Short - Fiber**: Market sentiment has cooled down, and inventory replenishment is cautious. The upstream raw material price has declined, the cost support is weak, and the short - term price will oscillate at a low level [25][26]. - **Bottle Chips**: The cost support has weakened, and the price is expected to oscillate at a low level. The upstream polymerization cost support has declined, and the overall supply - demand situation has changed little [26][27]. - **PP**: Supply still exists, and it is in an oscillatory state. The coal and oil markets have an impact on it. The supply side is expected to increase, and the demand is in the off - peak to peak season transition, with a slow increase in downstream开工 [35][36]. - **Propylene**: Supported by spot maintenance, the PP - PL spread around 600 yuan is considered reasonable, and PL is in a short - term oscillatory state. The PDH enterprises in some areas are under maintenance, and the spot market is temporarily stable [36]. - **Plastic**: The maintenance rate has decreased, and the inventory has increased. It is in an oscillatory state. Oil prices are oscillating weakly, the macro - level has capital games, the supply side has pressure, and the demand side is in a slow transition from the off - season to the peak season [33][34]. - **Pure Benzene**: The import volume has decreased, and downstream production capacity has been put into operation. The buying sentiment has increased, and the market structure has changed to Back. The port inventory has decreased, which has boosted market sentiment, and the short - term fundamentals are okay [17][20]. - **Styrene**: The supply - demand outlook is still weak. Attention should be paid to the accumulation of factory inventory. The cost support from pure benzene is limited, and the supply is expected to increase while the demand is weak [20][22]. - **PVC**: The cost provides support, and the futures price is oscillating. The macro - policy orientation needs to be concerned. The production is expected to increase, the downstream demand is mainly for rigid needs, and the cost is expected to rise [39]. - **Caustic Soda**: The spot price has stabilized, and the market is cautiously optimistic. The macro - policy orientation needs to be concerned. The fundamentals have improved marginally, with increased demand from the alumina industry, improved export orders, and high - level production [40]. C. Data Monitoring - **Inter - period Spread**: The report provides inter - period spread data for various products such as Brent, Dubai, PX, PTA, etc., showing different trends of change [41]. - **Basis and Warehouse Receipts**: It includes basis and warehouse - receipt data for products like asphalt, high - sulfur fuel oil, low - sulfur fuel oil, etc., reflecting the relationship between spot and futures prices and the inventory situation [42]. - **Inter - product Spread**: Data on inter - product spreads such as 1 - month PP - 3MA, 1 - month TA - EG, etc. are presented, which helps in analyzing the relative valuation between different products [44].

Report Industry Investment Rating No relevant content provided. Core Viewpoints - Urea futures showed a weak and volatile trend, mainly due to the game between the expected support from the export end and the domestic demand in the third quarter. The implementation of India's tender and the release of quotas will relieve the domestic high - supply pressure to some extent, but the domestic consumption restricts the upward elasticity. The short - term trend is likely to remain weak and volatile, and the actual export volume needs to be monitored [29]. - For methanol, the inland maintenance is expected to peak in early August, with high output year - on - year. The port has significantly accumulated inventory this week, and the import in August is still high. The downstream demand is weak due to low profits. The 09 contract has a strong expectation of inventory accumulation, while the 01 contract has seasonal peak season and Iran's shutdown expectations. It is recommended to build positions at low levels after the near - end weakens [32]. - In the polyester industry, the supply of PX is expected to increase marginally in August, but the demand from PTA and the terminal is not good, so the PX rebound is lack of drive. PTA's supply - demand situation has improved in the short - term but is expected to be weak in the medium - term. Ethylene glycol's short - term supply - demand is expected to improve. Short - fiber's short - term supply - demand drive is limited. Bottle - chip's processing fee has support, and its absolute price follows the cost [37]. - For PVC and caustic soda, the demand for caustic soda is currently good, but the supply is expected to increase in the future, and the rebound height is limited. PVC's supply pressure is increasing due to new capacity release, and the downstream demand has no sign of improvement [46]. - In the polyolefin industry, the supply of PP and PE has different trends, and the demand is expected to improve with the approaching of the peak season. The fundamental contradiction is not significant. It is recommended to stop profit for short positions and hold the LP01 contract [52]. - For crude oil, the overnight oil price declined due to the supply - side factors. The market sentiment is pessimistic, and the oil price is under pressure. The oil price is likely to remain weak, and the impact of the US - Russia negotiation on Friday needs to be monitored [59]. - In the pure benzene - styrene industry, pure benzene has short - term support but limited self - drive, and its rebound is under pressure. Styrene has a short - term situation of weak supply and demand, and it is expected to maintain a volatile trend [63]. Summaries by Related Catalogs Urea - **Futures Contracts**: On August 13, the 01 contract was 1747 yuan/ton (-0.51% compared to August 12), the 05 contract was 1788 yuan/ton (-0.45%), the 09 contract was 1726 yuan/ton (-0.06%), and the methanol main contract was 2375 yuan/ton (-0.67%) [25]. - **Futures Contract Spreads**: On August 13, the 01 - 05 contract spread was -41 yuan/ton (-2.50% compared to August 12), the 05 - 09 contract spread was 62 yuan/ton (-10.14%), the 09 - 01 contract spread was -21 yuan/ton (27.59%), and the UR - MA main contract spread was -649 yuan/ton (2.26%) [26]. - **Main Positions**: On August 13, the long top 20 positions were 42364 (-17.26% compared to August 12), the short top 20 positions were 49534 (-18.28%), the long - short ratio was 0.86 (1.26%), the unilateral trading volume was 90686 (-0.82%), and the Zhengzhou Commodity Exchange warehouse receipt quantity was 3823 (0.00%) [27]. - **Upstream Raw Materials**: On August 13, the price of anthracite small pieces in Jincheng was 900 yuan/ton (0.00%), the price of thermal coal at the pithead in Ejin Horo Banner was 525 yuan/ton (0.00%), etc. [28]. - **Spot Market Prices**: On August 13, the price of small - particle urea in Shandong was 1730 yuan/ton (0.58%), in Shanxi was 1620 yuan/ton (-0.61%), etc. [28]. - **Cross - regional Spreads**: On August 13, the Shandong - Henan spread was -10 yuan/ton (0%), the Guangdong - Henan spread was 140 yuan/ton (-7%), etc. [29]. - **Downstream Products**: On August 13, the price of melamine in Shandong was 5194 yuan/ton (0.00%), the price of 45% S compound fertilizer in Henan was 2930 yuan/ton (0.00%), etc. [29]. - **Supply - Demand Overview**: On August 15, the domestic daily urea output was 19.21 million tons (1.05% compared to August 14), the coal - based urea daily output was 15.03 million tons (1.35%), etc. [29]. Methanol - **Prices and Spreads**: On August 13, the MA2601 closing price was 2479 yuan/ton (-0.68% compared to August 12), the MA2509 closing price was 2375 yuan/ton (-0.67%), etc. [31]. - **Inventory**: The methanol enterprise inventory was 29.5573% (0.64% compared to the previous value), the methanol port inventory was 102.2 million tons (10.41%), and the methanol social inventory was 131.7% (8.06%) [31]. - **Upstream and Downstream**: The upstream domestic enterprise operating rate was 73.17% (2.28% compared to the previous value), the downstream external - procurement MTO device operating rate was 76.4% (0.00%), etc. [32]. Polyester Industry - **Downstream Product Prices and Cash Flows**: On August 13, the POY150/48 price was 6745 yuan/ton (0.2% compared to August 12), the FDY150/96 price was 7095 yuan/ton (0.0%), etc. [37]. - **PX - related Prices and Spreads**: On August 13, the CFR China PX price was 10300 yuan/ton (-0.4% compared to August 12), the PX - naphtha spread was 267 yuan/ton (1.1%), etc. [37]. - **PTA - related Prices and Spreads**: On August 13, the PTA East - China spot price was 4695 yuan/ton (-0.2% compared to August 12), the TA09 - TA01 spread was -34 yuan/ton (0.0%), etc. [37]. - **MEG Port Inventory and Arrival Expectations**: On August 11, the MEG port inventory was 51.6 million tons (7.2% compared to August 4), and the MEG arrival expectation was 14.1 million tons (3.7%) [37]. - **Polyester Industry Operating Rate Changes**: The Asian PX operating rate was 73.6% (0.2% compared to August 1), the PTA operating rate was 76.2% (0.9%), etc. [37]. PVC and Caustic Soda - **Spot and Futures Prices**: On August 13, the Shandong 32% liquid caustic soda equivalent price was 2500 yuan/ton (0.0%), the Shandong 50% liquid caustic soda equivalent price was 2620 yuan/ton (0.8%), etc. [42]. - **Caustic Soda Overseas Quotes and Export Profits**: On August 7, the P - 13 - 4 price was 390 US dollars/ton (-2.59% compared to July 31), and the export profit was 142.5 yuan/ton (19.0%) [42]. - **PVC Overseas Quotes and Export Profits**: On August 7, the CFR Southeast Asia price was 680 US dollars/ton (0.0% compared to July 31), and the export profit was 30.3 yuan/ton (152.5%) [43]. - **Supply**: The caustic soda industry operating rate was 89.1% (1.7% compared to August 1), the PVC total operating rate was 77.8% (6.1%), etc. [44]. - **Demand**: The alumina industry operating rate was 82.6% (0.2% compared to August 1), the viscose staple fiber industry operating rate was 85.0% (0.0%), etc. [45]. - **Inventory**: On August 7, the liquid caustic soda East - China factory inventory was 21.9 million tons (2.0% compared to July 31), the PVC total social inventory was 48.1 million tons (7.3%), etc. [46]. Polyolefin Industry - **Prices and Spreads**: On August 13, the L2601 closing price was 7381 yuan/ton (-0.11% compared to August 12), the L2509 closing price was 7313 yuan/ton (-0.22%), etc. [50]. - **PE and PP Non - standard Prices**: The East - China LDPE price was 9550 yuan/ton (0.00% compared to the previous value), the East - China HD film price was 7490 yuan/ton (-0.13%), etc. [51]. - **Inventory and Operating Rates**: The PE device operating rate was 77.8% (-2.10% compared to the previous value), the PE downstream weighted operating rate was 37.9% (-0.47%), etc. [51]. Crude Oil - **Crude Oil Prices and Spreads**: On August 14, Brent was 65.63 US dollars/barrel (-0.74% compared to August 13), WTI was 62.79 US dollars/barrel (0.22%), SC was 490.50 yuan/barrel (-0.77%), etc. [59]. - **Refined Oil Prices and Spreads**: On August 14, NYM RBOB was 207.72 US dollars/gallon (0.33% compared to August 13), NYM ULSD was 224.90 US dollars/gallon (0.28%), etc. [59]. - **Refined Oil Crack Spreads**: On August 14, the US gasoline crack spread was 24.45 US dollars/barrel (2.08% compared to August 13), the European gasoline crack spread was 16.04 US dollars/barrel (0.00%), etc. [59]. Pure Benzene - Styrene Industry - **Upstream Prices and Spreads**: On August 13, the CFR China pure benzene price was 751 US dollars/ton (-0.5% compared to August 12), the pure benzene - naphtha spread was 187 US dollars/ton (1.1%), etc. [63]. - **Styrene - related Prices and Spreads**: On August 13, the styrene East - China spot price was 7350 yuan/ton (-0.3% compared to August 12), the EB09 - EB10 spread was -23 yuan/ton (-11.5%), etc. [63]. - **Downstream Cash Flows**: On August 13, the phenol cash flow was -720 yuan/ton (-1.2% compared to August 12), the caprolactam cash flow (single product) was -1845 yuan/ton (1.7%), etc. [63]. - **Inventory and Operating Rates**: On August 11, the pure benzene Jiangsu port inventory was 14.60 million tons (-10.4% compared to August 4), the styrene Jiangsu port inventory was 14.88 million tons (-6.4%), etc. [63].

1. Report Industry Investment Ratings - Propylene: ☆☆☆, indicating a relatively clear upward trend and a relatively appropriate investment opportunity currently [1] - Pure Benzene: ☆☆☆, suggesting a relatively clear upward trend and a relatively appropriate investment opportunity currently [1] - PX: ☆☆☆, implying a relatively clear upward trend and a relatively appropriate investment opportunity currently [1] - Ethylene Glycol: ☆☆☆, showing a relatively clear upward trend and a relatively appropriate investment opportunity currently [1] - Short Fiber: ☆☆☆, meaning a relatively clear upward trend and a relatively appropriate investment opportunity currently [1] - Bottle Chip: ☆☆☆, indicating a relatively clear upward trend and a relatively appropriate investment opportunity currently [1] - Methanol: ☆☆☆, suggesting a relatively clear upward trend and a relatively appropriate investment opportunity currently [1] - Urea: ☆☆☆, implying a relatively clear upward trend and a relatively appropriate investment opportunity currently [1] - Caustic Soda: ☆☆☆, showing a relatively clear upward trend and a relatively appropriate investment opportunity currently [1] - PVC: ☆☆☆, meaning a relatively clear upward trend and a relatively appropriate investment opportunity currently [1] - Glass: ☆☆☆, indicating a relatively clear upward trend and a relatively appropriate investment opportunity currently [1] 2. Core Views of the Report - The olefin - polyolefin market has mixed trends. Propylene has inventory and supply - side support, while polyolefin has limited upward drivers [2] - The pure benzene - styrene market shows different situations. Pure benzene has a slight recovery, and styrene has limited upward drivers due to cost and supply - demand contradictions [3] - The polyester industry has a slight upward shift in the center of gravity. Different products have different supply - demand and cost situations, and attention should be paid to oil price trends and demand recovery [4] - The coal - chemical industry has different trends in different regions for methanol, and urea is in the off - season with limited demand promotion [5] - The chlor - alkali industry has PVC with supply pressure and a weakening trend, and caustic soda with short - term supply reduction but long - term pressure [6] - The soda - glass industry has soda with emotional - driven short - term fluctuations and long - term supply pressure, and glass with cost support and attention to low - buying opportunities [7] 3. Summaries According to Relevant Catalogs 3.1 Olefin - Polyolefin - Propylene futures opened higher and fluctuated widely. Enterprises' low inventory and shutdown benefits boosted prices. Downstream demand was mainly rigid [2] - Polyolefin futures fluctuated narrowly. Polyethylene supply changed little, and demand increased slightly. Polypropylene supply increased slightly due to new capacity, and demand was weak [2] 3.2 Pure Benzene - Styrene - Pure benzene futures prices recovered with the increase of domestic production, decrease of imports, and port de - stocking. It was suggested to conduct monthly spread band operations [3] - Styrene futures closed up, but cost support was weak, and supply - demand contradictions still existed, with limited upward drivers [3] 3.3 Polyester - The polyester industry chain moved up slightly. PTA supply - demand was weak, PX had a positive outlook in the third quarter, and attention should be paid to oil price and demand [4] - Ethylene glycol prices rebounded slightly, with increasing industry start - up and expected demand recovery. Medium - term attention was on demand [4] - Short fiber supply - demand was stable, and it was suggested to be long - allocated in the medium - term. Bottle chip orders improved, but capacity over - supply was a long - term pressure [4] 3.4 Coal - chemical - Methanol fluctuated narrowly. Coal price increase compressed profits in the northwest, and there were differences between inland and port supply - demand situations. Attention was on downstream demand [5] - Urea was in the agricultural off - season, with increasing compound fertilizer start - up but limited demand promotion. It was expected to fluctuate in a range [5] 3.5 Chlor - alkali - PVC had supply pressure and was expected to have a weakening trend. Caustic soda had short - term supply reduction but long - term supply pressure [6] 3.6 Soda - Glass - Soda was affected by environmental news, with emotional - driven short - term fluctuations and long - term supply pressure [7] - Glass had cost support, and it was suggested to consider low - buying near the cost [7]

1. Urea Core View The domestic urea futures market has shown a weak and volatile trend recently, mainly driven by the contradiction between supply and demand. The supply is sufficient, while the demand is weak, leading to a poor trading atmosphere in the spot market and pushing down the futures price [7]. Summary by Category - **Futures Prices**: On August 11, the 01 contract closed at 1751, unchanged from August 8; the 05 contract closed at 1790, up 6 or 0.34%; the 09 contract closed at 1722, down 6 or -0.35% [2]. - **Futures Contract Spreads**: The spread between the 01 and 05 contracts was -39 on August 11, down 6 or -18.18% from August 8; the spread between the 05 and 09 contracts was 68, up 12 or 21.43%; the spread between the 09 and 01 contracts was -29, down 6 or -26.09%; the spread between the UR and MA main contracts was -667, down 12 or -1.83% [3]. - **Main Positions**: The long positions of the top 20 increased by 1403 to 63621 on August 11, a rise of 2.25%; the short positions of the top 20 decreased by 966 to 69896, a decline of -1.36%; the long - short ratio was 0.91, up 0.03 or 3.67%; the unilateral trading volume was 102540, up 22267 or 27.74%; the number of Zhengshang Institute warehouse receipts remained unchanged at 3623 [4]. - **Upstream Raw Materials**: The price of small - sized anthracite in Jincheng remained at 900 yuan/ton; the price of thermal coal at the pithead in Ejin Horo Banner increased by 10 to 525 yuan/ton, a rise of 1.94%; the price of thermal coal at the Qinhuangdao port remained at 680 yuan/ton; the price of synthetic ammonia in Shandong remained at 2300 yuan/ton; the estimated fixed - bed production cost remained at 1430 yuan/ton; the estimated water - coal slurry production cost increased by 14 to 1155 yuan/ton, a rise of 1.23% [5]. - **Spot Market Prices**: The prices of small - sized urea in Shandong, Shanxi, and Henan decreased by 30, 20, and 40 yuan/ton respectively, with declines of -1.70%, -1.21%, and -2.25%; the prices in Northeast China and Guangdong remained unchanged; the FOB price of small - sized urea in China and the FOB price of large - sized urea in the US Gulf remained unchanged [6]. - **Regional Spreads and Basis**: The spreads between Shandong and Henan, Guangdong and Henan, and Guangdong and Shanxi changed, and the basis in Shandong, Shanxi, and Henan decreased, while the basis in Guangdong increased [7]. - **Downstream Products**: The price of melamine in Shandong increased by 70 to 5177 yuan/ton, a rise of 1.37%; the prices of 45% S and 45% CL compound fertilizers in Henan remained unchanged; the compound fertilizer - urea ratio increased by 0.04 to 1.57, a rise of 2.30% [7]. - **Supply and Demand**: The daily domestic urea production increased by 0.20 to 19.21 million tons, a rise of 1.05%; the weekly domestic urea production decreased by 2.63 to 132.85 million tons, a decline of -1.94%; the weekly domestic urea plant - side inventory decreased by 2.97 to 88.76 million tons, a decline of -3.24%; the weekly domestic urea port inventory decreased by 1.00 to 48.30 million tons, a decline of -2.03% [7]. 2. Crude Oil Core View Recent oil prices have shown a weak and volatile trend. The main trading logic is the influence of geopolitical risks and marginal supply increments. The upcoming meeting between Trump and Putin is the focus. The market is in a cautious wait - and - see attitude. In the medium - to - long term, the direction of oil prices depends on the negotiation results and inventory changes. There is no strong unilateral trend currently [9]. Summary by Category - **Oil Prices and Spreads**: On August 12, Brent crude oil was at 66.84 dollars/barrel, up 0.21 or 0.32%; WTI was at 64.13 dollars/barrel, up 0.17 or 0.27%; SC was at 494.00 yuan/barrel, up 1.50 or 0.30%. Spreads such as Brent M1 - M3, WTI M1 - M3, and SC M1 - M3 also changed [9]. - **Refined Oil Prices and Spreads**: The prices and spreads of NYM RBOB, NYM ULSD, ICE Gasoil and their month - to - month spreads changed on August 12 compared with August 11 [9]. - **Refined Oil Crack Spreads**: The crack spreads of various refined oil products in the US, Europe, and Singapore changed on August 12 compared with August 11 [9]. 3. PVC and Caustic Soda Core View The caustic soda market is expected to be neutral to weak in the later stage, and the PVC market faces great supply - demand pressure, but attention should be paid to the boost of coking coal prices on PVC [19]. Summary by Category - **Spot and Futures Prices**: On August 11, the prices of Shandong 32% liquid caustic soda, Shandong 50% liquid caustic soda, and various PVC futures contracts changed compared with August 8 [14]. - **Overseas Quotes and Export Profits**: The FOB price of caustic soda in East China decreased by 10 to 390 dollars/ton, a decline of -2.5%; the export profit increased by 22.7 to 142.5 yuan/ton, a rise of 19.0%. The overseas quotes of PVC remained unchanged, and the export profit increased by 87.9 to 30.3 yuan/ton, a rise of 152.5% [15][16]. - **Supply**: The caustic soda industry's operating rate and the PVC total operating rate increased, while the profits of externally - purchased calcium carbide - based PVC and northwest integrated PVC decreased [17]. - **Demand**: The operating rates of caustic soda downstream industries such as alumina, viscose staple fiber, and printing and dyeing changed slightly; the operating rates of PVC downstream products such as pipes, profiles, and the pre - sales volume of PVC decreased [18][19]. - **Inventory**: The inventories of liquid caustic soda in East China and Shandong increased, the upstream plant - side inventory of PVC decreased, and the total social inventory of PVC increased [19]. 4. Polyolefins Core View The supply of PP and PE has different trends, and the demand is expected to improve in the peak season. The overall valuation is moderately high, and the inventories in the middle and upstream are being depleted. There is no major supply - demand contradiction [23]. Summary by Category - **Futures and Spot Prices**: On August 11, the closing prices of L2601, L2509, PP2601, PP2509 and their spreads, as well as the spot prices of East China PP drawstrings, North China LLDPE film materials, and their basis changed compared with August 8 [23]. - **PE and PP Standard Prices**: The prices of various PE and PP products in East China changed on August 11 compared with the previous period [23]. - **Upstream and Downstream Operating Rates and Inventories**: The operating rates of PE and PP plants and their downstream industries changed, and the inventories of PE and PP enterprises and traders increased [23]. 5. Pure Benzene - Styrene Core View In the short term, pure benzene prices are relatively well - supported, but the rebound space is limited. Styrene's fundamentals are weak, but the downward space is also restricted. Specific trading strategies are provided for both [26]. Summary by Category - **Upstream Prices and Spreads**: On August 11, the prices of Brent crude oil, WTI crude oil, CFR Japan naphtha, CFR Northeast Asia ethylene, CFR China pure benzene, and their spreads changed compared with August 8 [26]. - **Styrene - Related Prices and Spreads**: The prices of styrene in East China, EB futures contracts, and their spreads, as well as the cash flows and import profits changed [26]. - **Downstream Cash Flows**: The cash flows of phenol, caprolactam, aniline, EPS, PS, ABS and other downstream products changed [26]. - **Inventory and Operating Rates**: The inventories of pure benzene and styrene in Jiangsu ports decreased, and the operating rates of various industries in the pure benzene and styrene产业链 changed [26]. 6. Methanol Core View The methanol market is affected by factors such as production, inventory, and demand. The 09 contract has a strong expectation of inventory accumulation, while the 01 contract has seasonal and supply - reduction expectations. Specific trading strategies are provided [30]. Summary by Category - **Prices and Spreads**: On August 8, the closing prices of MA2601 and MA2509 decreased, and the MA91 spread, Taicang basis, and regional spreads changed compared with August 7 [30]. - **Inventory**: The methanol enterprise inventory decreased by 3 to 29.3688%, a decline of -9.50%; the methanol port inventory increased by 12 to 92.5 million tons, a rise of 14.48%; the methanol social inventory increased by 8.6 to 121.9%, a rise of 7.61% [30]. - **Upstream and Downstream Operating Rates**: The operating rates of upstream domestic enterprises and some downstream industries changed on August 8 compared with the previous period [30]. 7. Polyester Industry Chain Core View The supply - demand situations of PX, PTA, ethylene glycol, short - fiber, and bottle - chip are different, and corresponding trading strategies are provided for each [59]. Summary by Category - **Downstream Polyester Product Prices and Cash Flows**: On August 11, the prices of POY, FDY, DTY, polyester chips, polyester bottle - chips, and their cash flows changed compared with August 8 [59]. - **PX - Related Prices and Spreads**: The prices of CFR China PX, PX futures contracts, and their spreads, as well as the PX basis and processing spreads changed [59]. - **PTA - Related Prices and Spreads**: The prices of PTA, PTA futures contracts, and their basis, processing spreads, and operating rates changed [59]. - **MEG - Related Prices and Spreads**: The prices of MEG, MEG futures contracts, and their basis, spreads, and cash flows changed [59]. - **Industry Operating Rates**: The operating rates of various industries in the polyester industry chain such as PX, PTA, MEG, and polyester products changed [59].

Report Industry Investment Ratings - Polypropylene: ★★★ [1] - Pure Benzene: ★★★ [1] - PX: ★★★ [1] - Ethylene Glycol: ★★★ [1] - Bottle Chip: ★★★ [1] - Urea: ★★★ [1] - Caustic Soda: ★★★ [1] - Soda Ash: ★★★ [1] - Glass: ★★★ [1] - Styrene: ☆☆☆ [1] - PTA: ☆☆☆ [1] - Short Fiber: ☆☆☆ [1] - Methanol: ☆☆☆ [1] - PVC: ☆☆☆ [1] Core Views - Olefins - Polyolefins: The futures of olefins rose slightly, with some PDH plants restarting and a major Shandong plant planning maintenance, supporting supply. Propylene producers were eager to raise prices. Polyolefins futures remained in a low - level range. PE had limited supply changes and moderate demand growth, with limited upward momentum. PP supply increased slightly due to new capacity, and demand was weak [2]. - Pure Benzene - Styrene: Oil prices weakened, and pure benzene futures fluctuated. The spot price in East China rose slightly, and the far - month price was weak. Downstream备货 willingness improved, and port inventory decreased slightly. Styrene futures were weak, with weak cost support and ongoing supply - demand contradictions [3]. - Polyester: Affected by the weekend's strong filament sales, PX and PTA prices rebounded. PTA supply was still weak, and PX was expected to improve in the third quarter. Ethylene glycol prices rebounded, with increasing production but also expectations of reduced imports and rising demand. Short fiber had stable supply - demand, and bottle chip had low processing margins and long - term over - capacity pressure [5]. - Coal Chemicals: Methanol prices fluctuated narrowly, with expected increases in imports and different inventory trends in coastal and inland areas. Urea prices followed the market sentiment down, with weak agricultural demand and limited improvement from compound fertilizers. PVC was expected to be weak due to high production and low demand. Caustic soda was strong in the short - term but faced long - term supply pressure [6]. - Soda Ash - Glass: Soda ash prices were under pressure, with continued inventory accumulation and high supply. Glass prices were expected to be supported by cost, with improved processing orders but still weak compared to the same period last year [7]. Summary by Sections Olefins - Polyolefins - Futures of olefins rose slightly, with some PDH plants restarting and a major Shandong plant planning maintenance, supporting supply. Propylene producers were eager to raise prices [2]. - Polyolefins futures remained in a low - level range. PE had limited supply changes and moderate demand growth, with limited upward momentum. PP supply increased slightly due to new capacity, and demand was weak [2] Pure Benzene - Styrene - Oil prices weakened, and pure benzene futures fluctuated. The spot price in East China rose slightly, and the far - month price was weak. Downstream备货 willingness improved, and port inventory decreased slightly [3] - Styrene futures were weak, with weak cost support and ongoing supply - demand contradictions [3] Polyester - Affected by the weekend's strong filament sales, PX and PTA prices rebounded. PTA supply was still weak, and PX was expected to improve in the third quarter [5] - Ethylene glycol prices rebounded, with increasing production but also expectations of reduced imports and rising demand. Short fiber had stable supply - demand, and bottle chip had low processing margins and long - term over - capacity pressure [5] Coal Chemicals - Methanol prices fluctuated narrowly, with expected increases in imports and different inventory trends in coastal and inland areas [6] - Urea prices followed the market sentiment down, with weak agricultural demand and limited improvement from compound fertilizers [6] - PVC was expected to be weak due to high production and low demand. Caustic soda was strong in the short - term but faced long - term supply pressure [6] Soda Ash - Glass - Soda ash prices were under pressure, with continued inventory accumulation and high supply [7] - Glass prices were expected to be supported by cost, with improved processing orders but still weak compared to the same period last year [7]

Industry Investment Ratings - Not provided in the given content Core Views - **Crude Oil**: Current oil price decline is driven by OPEC+ production increase, and supply-demand logic will dominate oil price trends in the short term. Suggest trading in a band, with support levels for WTI at [63, 64], Brent at [66, 67], and SC at [495, 505]. Consider capturing volatility contraction opportunities in the options market [2]. - **Pure Benzene**: In the short term, pure benzene is expected to fluctuate weakly. The BZ2603 contract should follow the trends of oil prices and styrene [5]. - **Styrene**: In the short term, styrene is expected to fluctuate weakly. Consider closing short positions in EB09 and look for opportunities to short at high prices [5]. - **Methanol**: MA09 is expected to accumulate inventory, while MA01 has seasonal demand and potential supply reduction from Iranian plants. Consider buying MA01 at low prices [30]. - **Caustic Soda**: The caustic soda market is in a weak state. It is expected that the number of warehouse receipts in the main production areas will increase in August. Consider holding short positions at high prices [40]. - **PVC**: The PVC market is under pressure, with increasing inventory and weak demand. Future prices are likely to continue to decline [40]. - **Polyolefins**: In August, there is pressure on inventory accumulation. However, there is potential for restocking in the seasonal peak season. Consider closing short positions at 7200 - 7300 and continue to hold LP01 [44]. - **Urea**: In the short term, the urea market is dominated by bullish sentiment. There is a game between positive factors such as the Indian tender and negative factors such as the off - peak agricultural demand [52]. - **Polyester Industry Chain**: PX, PTA, ethylene glycol, short - fiber, and bottle - chip markets are all affected by supply - demand relationships and oil prices. They are expected to fluctuate in certain ranges, and corresponding trading strategies are provided [56]. Summaries by Catalog Crude Oil - **Prices and Spreads**: On August 7, Brent was at $66.92, WTI at $64.41, and SC at 502.10 yuan/barrel. Some spreads such as Brent - WTI and EFS decreased, while others like WTI M1 - M3 and SC M1 - M3 increased [2]. - **EIA Data**: As of August 1, US crude oil production was 1328.4万桶/日, refinery utilization rate was 96.9%, and commercial crude oil inventory decreased by 302.9万桶 [60]. Pure Benzene and Styrene - **Prices and Spreads**: On August 6, the price of pure benzene and related products changed. For example, the pure benzene - naphtha spread increased by 4.9%. Styrene prices also had minor fluctuations [5]. - **Inventory and开工率**: Pure benzene and styrene inventories in Jiangsu ports decreased, and the开工 rates of related industries had different changes [5]. Methanol - **Prices and Spreads**: On August 6, MA2601 closed at 2503, MA2509 at 2396. The MA91 spread decreased by 7.00% [28]. - **Inventory and开工率**: Methanol enterprise inventory decreased by 9.50%, while port inventory increased by 14.48% [29]. Caustic Soda and PVC - **Prices and Spreads**: On August 6, the price of 32% liquid caustic soda in Shandong remained unchanged, and the price of PVC in East China increased slightly [35]. - **Supply and Demand**: The caustic soda industry's开工率 increased, while the PVC total开工率 decreased. The demand for caustic soda and PVC downstream industries was weak [38][39][40]. Polyolefins - **Prices and Spreads**: On August 6, L2601 closed at 7382, PP2601 at 7120. Some spreads such as L2509 - 2601 and PP2509 - 2601 changed [44]. - **Inventory and开工率**: PE and PP enterprise inventories increased, and the开工 rates of related devices decreased [44]. Urea - **Prices and Spreads**: On August 6, the price of urea in various regions increased slightly. The futures prices of different contracts decreased [52]. - **Supply and Demand**: Domestic urea daily production increased slightly, and factory inventory decreased by 3.24% [52]. Polyester Industry Chain - **Prices and Spreads**: On August 6, the prices of upstream raw materials such as crude oil and naphtha decreased, and the prices of downstream polyester products had different changes [56]. - **开工率**: The开工 rates of PX, PTA, and other industries had different degrees of change [56].

产能扩张步伐加快 7月，纯苯期货和期权在大连商品交易所正式挂牌上市，我国纯苯市场迎来了重要金融工具。业内人士 表示，稳定市场工具箱的丰富，将为规模化行业的可持续发展提供技术支撑。未来随着产能加速扩张、 供需趋向平衡以及市场主导权增强，我国纯苯行业或将步入由大至强的转型发展期。 据隆众资讯数据统计，2007年以来国内纯苯产能呈现快速增长态势，2007年国内纯苯有效产能不足500 万吨，2015年突破1000万吨，2019年达到1500万吨，此后投产速度加快，2024年国内纯苯产能达3234万 吨，产量为2513万吨，占全球产量的39%；表观消费量为2926万吨，占全球消费量的43%；进口量为 431万吨，对外依存度为15%；贸易量为1340万吨，商品化率约53%。 河南省石油和化学工业协会相关负责人表示，从数据来看，近年来我国纯苯行业产能扩张明显，步伐在 加快，除了"三桶油"的大炼化新增项目不断投产，民营炼化产能也在集中释放。2023—2025年民营炼化 新增产能超800万吨，推动国内自给率升至90%。在全球化工产业格局中，我国纯苯市场已成为全球产 能、消费与进口规模最大的市场。 供需长期趋向平衡 业内人士表示 ...

Report Industry Investment Ratings - Urea: ★☆☆ (Predicted to have a bullish trend, but the market is not very operable) [1] - Methanol: ★★★ (Predicted to have a clear bullish trend, and there are still relatively appropriate investment opportunities) [1] - Pure Benzene: ★☆☆ (Predicted to have a bullish trend, but the market is not very operable) [1] - Styrene: ★★★ (Predicted to have a clear bullish trend, and there are still relatively appropriate investment opportunities) [1] - Polypropylene: ☆☆☆ (The short - term long/short trend is in a relatively balanced state, and the market is not very operable, it is recommended to wait and see) [1] - Plastic: ★☆☆ (Predicted to have a bullish trend, but the market is not very operable) [1] - PVC: ★☆☆ (Predicted to have a bullish trend, but the market is not very operable) [1] - Caustic Soda: ★★★ (Predicted to have a clear bearish trend, and there are still relatively appropriate investment opportunities) [1] - PX: ★★★ (Predicted to have a clear bullish trend, and there are still relatively appropriate investment opportunities) [1] - PTA: ☆☆☆ (The short - term long/short trend is in a relatively balanced state, and the market is not very operable, it is recommended to wait and see) [1] - Ethylene Glycol: ★★★ (Predicted to have a clear bullish trend, and there are still relatively appropriate investment opportunities) [1] - Short Fiber: ★☆☆ (Predicted to have a bullish trend, but the market is not very operable) [1] - Glass: ★☆☆ (Predicted to have a bullish trend, but the market is not very operable) [1] - Soda Ash: ☆☆☆ (The short - term long/short trend is in a relatively balanced state, and the market is not very operable, it is recommended to wait and see) [1] - Bottle Chip: ★★★ (Predicted to have a clear bullish trend, and there are still relatively appropriate investment opportunities) [1] - Propylene: ★★★ (Predicted to have a clear bullish trend, and there are still relatively appropriate investment opportunities) [1] Core Viewpoints - The report analyzes the market conditions of various chemical products, including supply, demand, price trends, and provides corresponding investment ratings based on these factors [1][2][3][5][6][7][8] Summary by Related Catalogs Olefins - Polyolefins - Propylene futures fluctuated around the 5 - day moving average. Low prices, improved downstream product profits, and reduced supply due to unexpected shutdowns of local PDH plants supported the price [2] - Polyolefin futures had a narrow - range intraday fluctuation. Polyethylene's short - term production is expected to increase, with both supply and demand rising recently. Polypropylene's prices are stable, and some offers are tentatively raised, but downstream procurement is weak [2] Pure Benzene - Styrene - Pure benzene prices rebounded. Domestic supply increased, demand was weak, but port inventory decreased. There is an expected improvement in supply - demand in the third - quarter and pressure in the fourth - quarter [3] - Styrene futures prices declined. The expected output of a new plant may have a negative impact, and the supply - demand fundamentals are weak [3] Polyester - PTA prices rebounded. New plant production and increased output from existing plants pressured the supply, but production cuts may boost the market. PX may face demand decline if PTA production cuts increase [5] - Ethylene glycol prices rebounded. Supply is expected to continue to rise, and there is an expected increase in demand [5] - Short fiber prices followed the raw materials and sales improved. There is limited new capacity this year, and the peak - season demand is expected to boost the industry [5] - Bottle chip's low - start operation led to stable inventory, but over - capacity is a long - term pressure [5] Coal Chemical Industry - Methanol prices rose slightly. Coastal olefin plants have low operation rates, and ports are expected to accumulate inventory. In the long - term, the approaching peak - season demand should be monitored [6] - Urea market sentiment cooled. The Indian tender price boosted the spot market, but short - term supply - demand is loose, and the focus is on export policy changes [6] Chlor - Alkali - PVC prices fluctuated strongly. Cost support increased, but supply increased and demand was weak, so short - term prices are expected to fluctuate weakly [7] - Caustic soda prices fluctuated weakly. Comprehensive profit improved, but long - term supply pressure remains, and prices are expected to be under pressure [7] Soda Ash - Glass - Soda ash prices fluctuated. High - price resistance led to a downward shift. Supply is high, and the long - term market is weak, but prices are unlikely to fall below the previous low [8] - Glass prices fluctuated. Mid - stream sales led to a decline in spot prices, and the market is in a state of inventory accumulation [8]

Report Industry Investment Ratings - Urea: ★★★, implying a clear upward trend and a relatively appropriate investment opportunity [1] - Methanol: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] - Pure Benzene: ★★★, suggesting a clear upward trend and a relatively appropriate investment opportunity [1] - Styrene: ★★★, showing a clear upward trend and a relatively appropriate investment opportunity [1] - Propylene: ★★★, representing a clear upward trend and a relatively appropriate investment opportunity [1] - Plastic: ★★★, meaning a clear upward trend and a relatively appropriate investment opportunity [1] - PVC: ★★★, denoting a clear upward trend and a relatively appropriate investment opportunity [1] - Caustic Soda: ★☆☆, indicating a bullish bias but limited operability on the trading floor [1] - PX: ★★★, suggesting a clear upward trend and a relatively appropriate investment opportunity [1] - PTA: ★★★, showing a clear upward trend and a relatively appropriate investment opportunity [1] - Ethylene Glycol: ★☆☆, meaning a bullish bias but limited operability on the trading floor [1] - Short Fiber: ★★★, representing a clear upward trend and a relatively appropriate investment opportunity [1] - Glass: ★★★, denoting a clear upward trend and a relatively appropriate investment opportunity [1] - Soda Ash: ★★★, indicating a clear upward trend and a relatively appropriate investment opportunity [1] - Bottle Chip: ★★★, suggesting a clear upward trend and a relatively appropriate investment opportunity [1] Report's Core View - The chemical futures market shows a mixed performance, with different products having different supply - demand relations and price trends [2][3][5] - Some products are affected by factors such as device restarts, seasonal demand changes, and inventory levels [2][3][5] Summary by Related Catalogs Olefins - Polyolefins - Propylene futures closed up at the end of the session, but still in a downward pattern. Downstream demand has some support, but supply is expected to increase [2] - Polyolefin futures closed up, with polyethylene having stable supply and some improvement in demand, while polypropylene is in a seasonal demand slump [2] Pure Benzene - Styrene - Pure benzene prices fluctuated narrowly, with supply rising and demand weak, but import pressure is expected to ease [3] - Styrene futures prices declined slightly. Overall, there is a slight decrease in supply and a slight increase in demand, but factory inventory may increase [3] Polyester - PX and PTA are in a weak - oscillating pattern due to falling oil prices and the demand off - season. Supply is increasing, and there is a need to watch for demand recovery and valuation repair [5] - Ethylene glycol rebounded with technical support and overseas device shutdown. Supply is expected to increase, and the upward drive is limited [5] - Short fiber and bottle chip prices follow raw materials. Short fiber may be more bullish in the medium - term, while bottle chip has long - term over - capacity pressure [5] Coal Chemical Industry - Methanol prices rose slightly due to coal cost news. Coastal ports are expected to accumulate inventory, but there may be a demand recovery in the peak season [6] - Urea futures prices rose sharply. The current supply - demand is loose, and attention should be paid to macro and export policies [6] Chlor - Alkali Industry - PVC prices rebounded at the end of the session. Cost support increased, but supply is expected to rise and demand is weak, so the price may oscillate weakly [7] - Caustic soda prices oscillated weakly. The comprehensive profit improved, but the long - term supply pressure remains, and the price is expected to be under pressure [7] Soda Ash - Glass - Soda ash prices rose sharply. Supply is high, and the market is facing a weak reality, but the price is expected to be difficult to break the previous low [8] - Glass futures prices were weak. Production and sales are insufficient, and the market has returned to reality trading [8]