Core Viewpoint - The polyester industry is facing production losses despite low inventory levels, leading to expectations of increased production cuts in July and August [1][5]. Group 1: Production and Inventory - As of June 27, the average operating load of polyester plants was 89.80%, a slight decrease of 0.74 percentage points from May, indicating limited production cuts [1]. - Polyester product inventories are currently not high, which may support future production levels. For instance, as of the end of June, the inventory days for various products were: POY at 16.6 days, FDY at 30.2 days, short fiber at 10.8 days, bottle chips at 17.3 days, and chip at 10.2 days [5]. Group 2: Profitability and Market Conditions - As of June 27, theoretical losses for polyester products were significant: 211 CNY/ton for short fiber, 210 CNY/ton for chip, and 339 CNY/ton for bottle chips, while long fiber had a theoretical profit of 95 CNY/ton [3]. - The demand for fiber products is expected to decline as the weather heats up, making it difficult for short fiber and chip to recover from losses, while long fiber profits may also decrease [3]. - The supply of bottle chips is excessive, and the seasonal demand for soft drinks has already been priced in, leading to expectations that bottle chips will also struggle to recover from production losses [3]. Group 3: Future Outlook - Despite the limited inventory pressure, the majority of polyester products are experiencing production losses, making it challenging for polyester plants to compete for profits within the supply chain, particularly against PX, which has strong de-inventory expectations [5]. - It is anticipated that polyester plants will increase production cuts, with operating loads potentially falling below 87% in July and August [5].

1. Report Industry Investment Rating - All the energy and chemical products in the report are rated as "Oscillation", including crude oil, fuel oil, asphalt, polyester, rubber, methanol, polyolefin, and PVC [1][3][4][6][8] 2. Core Viewpoints of the Report - After sharp rises and falls in the market, oil prices are likely to oscillate within a narrow range, and there is room for a slight increase in the oil price center in the future, subject to further guidance from OPEC+ production policies [1] - The Asian high - sulfur fuel oil market will be supported in the short term, but the supply from Iran and Russia is declining, and attention should be paid to the risk of significant oil price fluctuations [3] - The price of asphalt is affected by both the cost - side oil price and weak demand, and it is expected to oscillate [3] - The supply of polyester products is expected to increase, demand support is insufficient, and prices are expected to return to a low - range consolidation, with PX and TA following the cost of crude oil [4] - The rubber market has weak fundamental contradictions, and rubber prices are expected to oscillate [4] - Methanol futures prices are expected to oscillate weakly due to factors such as the expected resumption of Iranian production and the impact on port arrivals in Taicang [6] - The fundamentals of polyolefins have not improved significantly, and prices are expected to oscillate weakly due to the decline in crude oil prices [6] - PVC prices are expected to continue to oscillate as the downstream enters the off - season, but the arbitrage and hedging space is gradually narrowing [8] 3. Summary by Relevant Catalogs 3.1 Research Views - **Crude Oil**: On Thursday, WTI August contract closed up $0.32 to $65.24 per barrel, a 0.49% increase; Brent August contract closed up $0.05 to $67.73 per barrel, a 0.07% increase; SC2508 closed at 498 yuan per barrel, down 7.4 yuan per barrel, a 1.46% decrease. Russian Urals crude oil price has fallen below the $60 per - barrel limit [1] - **Fuel Oil**: On Thursday, the main contract FU2509 of high - sulfur fuel oil on the Shanghai Futures Exchange closed down 0.03% at 3019 yuan per ton; the main contract LU2508 of low - sulfur fuel oil closed up 0.19% at 3693 yuan per ton. Singapore and Fujeirah fuel oil inventories increased week - on - week [1][3] - **Asphalt**: On Thursday, the main contract BU2509 of asphalt on the Shanghai Futures Exchange closed up 0.2% at 3563 yuan per ton. This week, the shipment volume of domestic asphalt manufacturers increased by 0.7% week - on - week, and the capacity utilization rate of modified asphalt enterprises increased [3] - **Polyester**: TA509 closed down 0.42% at 4770 yuan per ton; EG2509 closed down 0.69% at 4293 yuan per ton. Iranian ethylene glycol plants are expected to resume production, and the price center of ethylene glycol is expected to return to a low - range consolidation [3][4] - **Rubber**: On Thursday, the main contract RU2509 of natural rubber on the Shanghai Futures Exchange rose 270 yuan per ton to 14040 yuan per ton; the main contract of 20 - number rubber rose 335 yuan per ton to 12145 yuan per ton. The global natural rubber production in May decreased, and the consumption decreased slightly [4] - **Methanol**: The spot price in Taicang is 2765 yuan per ton. Iranian plants are expected to resume production, and methanol futures prices are expected to oscillate weakly [6] - **Polyolefin**: The mainstream price of East China wire drawing is 7150 - 7250 yuan per ton. Due to the cease - fire between Israel and Iran and the decline in crude oil prices, polyolefin prices are expected to oscillate weakly [6] - **PVC**: The prices in East, North, and South China markets fluctuate. As the downstream enters the off - season, PVC prices are expected to continue to oscillate [8] 3.2 Daily Data Monitoring - The report provides the basis price data of various energy and chemical products on June 26th and 25th, including spot prices, futures prices, basis, basis rates, price increases and decreases, and basis changes [9] 3.3 Market News - The U.S. Energy Information Administration (EIA) reported that as of the week ending June 20th, U.S. commercial crude oil inventories decreased by 5.8 million barrels, gasoline inventories decreased by 2.1 million barrels, and distillate inventories decreased by 4.1 million barrels [12] - An impaired facility at the 14th - phase project of the South Pars Refinery in Iran's Bushehr Province has resumed operation [12] 3.4 Chart Analysis - **4.1 Main Contract Prices**: The report presents the closing price charts of the main contracts of various energy and chemical products from 2021 to 2025, including crude oil, fuel oil, low - sulfur fuel oil, asphalt, etc. [14] - **4.2 Main Contract Basis**: It shows the basis charts of the main contracts of various products, such as crude oil, fuel oil, and asphalt [32] - **4.3 Inter - period Contract Spreads**: Charts of inter - period contract spreads for various products, including fuel oil, asphalt, and PTA, are provided [47] - **4.4 Inter - variety Spreads**: The report includes charts of inter - variety spreads, such as the spread between domestic and foreign crude oil markets, the spread between high - and low - sulfur fuel oil [64] - **4.5 Production Profits**: Charts of production profits for products like ethylene - based ethylene glycol, PP, and LLDPE are presented [73] 3.5 Team Member Introduction - The report introduces the members of the energy and chemical research team of Everbright Futures, including Zhong Meiyan, Du Bingqin, Di Yilin, and Peng Haibo, along with their positions, educational backgrounds, honors, and professional experiences [78][79][80]

投资咨询业务资格:证监许可【2012】31号 ITG国贸期货 | | | | | 聚酯数据日报 | | | --- | --- | --- | --- | --- | --- | | | | 国贸期货研究院 | | 投资咨询号: Z0017251 | 2025/6/25 | | | | 能源化工研究中心 | 陈胜 | | 从业资格号:F3066728 | | | 指标 | 2025/6/23 | 2025/6/24 | 变动值 | 行情综述 | | SC | INE原油(元/桶) | 574.5 | 518. 6 | -55. 90 | 成交情况: PTA: PTA行情下跌,地缘局势缓和,原油价格跌幅明 | | | PTA-SC(元/陣) | 837. 1 | 1007. 3 | 170. 23 | 显,利空PTA市场,PTA行情下跌。PTA现货货少利好仍 | | | | | | | 在,支撑现货基差。 | | | PTA/SC(比价) | 1. 2005 | 1. 2673 | 0. 0668 | | | PX | CFR中国PX | 899 | 859 | -40 | | | | PX-石脑油价差 | 2 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call primarily discusses the **chemical industry**, focusing on the **polyester supply chain**, **ethylene glycol**, **PTA (Purified Terephthalic Acid)**, and **PX (Paraxylene)** markets, along with insights into **polypropylene** and **PVC** markets. Key Insights and Arguments Polyester Supply Chain - The polyester supply chain prices are influenced by multiple factors including costs, policies, and geopolitical issues. In April, prices dropped significantly due to cost declines, while in May, prices rebounded with tariff policy changes and oil price increases. In June, Middle Eastern conflicts led to rapid oil price increases, affecting upstream aromatic prices like PX and PTA, which subsequently raised downstream product prices significantly [1][3]. - Ethylene glycol's performance in the first half of 2025 was weak, primarily due to stable supply from coal-based production amid disrupted demand, leading to a relatively soft price trend [4]. - The price spread between PX and Brent crude oil was at a near five-year low in 2025, although it recovered slightly after tariff cancellations. Overall, PX valuations remain low due to weakened gasoline cracking margins and reduced demand for toluene and xylene [5]. PX and PTA Market Dynamics - The US demand for aromatics showed a decline in April and May, particularly in toluene and benzene imports from South Korea, leading to a seasonal demand drop in Asia [6]. - Polyester fiber operating rates decreased at the beginning of the year, but remained high during seasonal declines in PX and PTA operating rates, resulting in significant destocking effects in Q2 [7]. - PTA is expected to see increased production capacity in the second half of 2025, which may lead to inventory pressure, while PX has no new capacity planned for the year, relying on imports to maintain supply-demand balance [8]. Future Market Expectations - The PTA market is expected to face inventory accumulation due to increased production and weakened polyester demand, particularly from bottle-grade polyester [13]. - The PX market's performance is closely tied to oil prices and geopolitical stability. A potential easing of Middle Eastern tensions could lead to lower oil prices, impacting PX valuations negatively [9]. - The overall polyester industry is projected to see a decrease in operating rates by 3% to 4% in the second half of 2025, with significant reductions in bottle-grade polyester production anticipated [12]. Polypropylene and PVC Market Insights - The polypropylene market is currently in a bearish trend due to accelerated capacity expansion, weak demand, and macroeconomic uncertainties. Seasonal demand in the second half may provide some support, but supply pressures from new production remain a concern [2][23]. - The PVC market faces significant supply-demand pressures, with high levels of new capacity expected to come online, while domestic demand remains weak due to low construction activity [52][54]. Additional Important Points - The conference highlighted the importance of monitoring geopolitical developments and macroeconomic policies, as these factors significantly influence market dynamics and pricing strategies across the chemical industry [20][61]. - The need for cautious optimism regarding PX imports and the overall supply-demand balance was emphasized, particularly in light of potential production disruptions and the impact of external market conditions [22][24]. This summary encapsulates the critical insights and projections discussed during the conference call, providing a comprehensive overview of the current state and future expectations of the chemical industry, particularly in the polyester, polypropylene, and PVC markets.

聚酯产业链期货周报 研究员：隋斐 期货从业证号：F3019741 投资咨询证号：Z0017025 目录 第一章 综合分析与交易策略 2 第二章 核心逻辑分析 5 | | | GALAXY FUTURES 1 目录 PX&P TA 本周PX期货价格震荡偏强，PX浮动价&基差月差走强,PX利润扩大。本周镇海炼化、金陵石化降负，盛虹炼化小幅 提负，PX开工率变动不大。7月初，威廉化学200万吨/年、天津石化39万吨有检修计划，福佳大化70万PX检修推 迟到9月，中金石化6月中旬计划外降负至8成运行，原计划6月中旬重启的沙特Petro Rabigh134万吨PX装置推迟 到7月中下旬重启，伊朗石化142万吨PX装置因战争因素停车，韩国GS一套40万吨PX装置目前正在重启，亚洲PX 开工率近期回落，PX流通货源偏紧。 PTA本周供减需增，社会库存下降，基差月差走强，加工费压缩。供应方面，逸盛新材料一套360万吨PTA上周末 降负，恒力一套220万吨PTA停车，嘉兴石化150万吨PTA重启，PTA开工率下降，下游聚酯开工回升，聚酯工厂库 存下降，聚酯利润继续压缩。PTA流通现货依旧偏紧，成本端油价和PX维持偏强格局，PT ...

光大期货能化商品日报 光大期货能化商品日报（2025 年 6 月 24 日） 一、研究观点 | 品种 | 点评 | 观点 | | --- | --- | --- | | | 伊以冲突可能走向停火，油价应声暴跌，其中 WTI 8 月合约收盘 | | | | 下跌 5.33 美元至 68.51 美元/桶，跌幅 7.22%。布伦特 8 月合约收 | | | | 盘下跌 5.53 美元至 71.48 美元/桶，跌幅 7.18%。SC2508 以 537.7 | | | | 元/桶收盘，下跌 32.2 元/桶，跌幅为 5.65%。伊朗最高国家安全委 | | | | 员会秘书处 23 日发表声明说，为回应美国对伊朗核设施的侵略行 | | | | 径，伊朗当天对美国驻卡塔尔的乌代德空军基地进行了导弹打击。 | | | | 特朗普在美国东部时间当天 18 时 02 分，北京时间 24 日 6 时 02 | | | | 分，发表的帖文中说，停火将在大约 6 小时后正式生效，届时以 | | | 原油 | 伊双方将完成各自正在进行的"最后任务"。根据协议，停火将分 | 震荡 | | | 阶段实施：伊朗先开始停火，到第 12 个小时 ...

Report Summary 1) Report Industry Investment Rating No information provided. 2) Core Viewpoints - The conflict between the US and Iran and the conflict between Israel and other factors have led to concerns in the market, with expectations of continued oil price increases and the chemical industry as a whole following suit [2]. - PTA is expected to see inventory reduction in the future, and the actions of mainstream factories to increase basis sales have had a significant impact on the market, making PTA spot supplies tight. The polyester industry has rapidly reduced inventory recently, and the market's purchasing willingness has increased due to rising oil prices [2]. - For ethylene glycol, although the overall import volume from Iran is limited, the conflict has led to rising ethylene prices, strengthening the cost - side. Ethylene glycol continues the inventory reduction rhythm, but the recovery of coal - based ethylene glycol device loads exerts pressure on the market [2]. 3) Summary by Relevant Catalogs Market Data - **Crude Oil**: INE crude oil rose from 566.6 yuan/barrel on June 20, 2025, to 574.5 yuan/barrel on June 23, 2025, an increase of 7.9 yuan/barrel [2]. - **PX**: CFR China PX increased from 896 to 899, and the PX - naphtha spread rose from 250 to 253 [2]. - **PTA**: The PTA主力期价 increased from 4978 yuan/ton to 5012 yuan/ton, the spot price decreased from 5275 yuan/ton to 5260 yuan/ton, the spot processing fee increased from 390.3 yuan/ton to 393.0 yuan/ton, and the disk processing fee increased from 128.3 yuan/ton to 145.0 yuan/ton [2]. - **MEG**: The MEG主力期价 remained unchanged at 4501 yuan/ton, the MEG - naphtha spread decreased slightly from (138.46) to (138.65), and the MEG internal price increased from 4594 to 4597 [2]. - **Polyester Products**: The prices of POY, FDY, DTY, 1.4D direct - spun polyester staple fiber, and semi - bright chips all increased to varying degrees, and the cash flows of most products improved [2]. Industry Chain Operating Conditions - **PX**: The operating rate remained at 82.70% [2]. - **PTA**: The operating rate remained at 78.56% [2]. - **MEG**: The operating rate increased from 57.91% to 58.33%, an increase of 0.42 percentage points [2]. - **Polyester Load**: It decreased slightly from 90.16% to 90.10% [2]. Device Maintenance Dynamics - A 1.5 - million - ton PTA device in East China has restarted after being shut down for maintenance around May 6, and a 3 - million - ton PTA device has recently shut down for maintenance, with an expected maintenance period of about 10 days [2].

| CCFEI价格指数:涤纶DTY 2025/6/23 元/吨 9200.00 9125.00 0.82% | | | | --- | --- | --- | | CCFEI价格指数:涤纶POY 2025/6/23 元/吨 7500.00 7450.00 0.67% | | | | CCFEI价格指数:涤纶FDY68D 2025/6/23 元/吨 7450.00 7350.00 1.36% | | | | 下 CCFEI价格指数:涤纶FDY150D 2025/6/23 元/吨 7450.00 7350.00 1.36% | | | | 游 CCFEI价格指数:涤纶短纤 2025/6/23 元/吨 6890.00 6890.00 0.00% | | | | CCFEI价格指数:聚酯切片 2025/6/23 元/吨 6140.00 6120.00 0.33% | | | | CCFEI价格指数:瓶级切片 2025/6/23 元/吨 6260.00 6260.00 0.00% | | | | 装置信息 西北一套120万吨PTA装置计划5月15日至20日之间重启。 | | | | 【重要资讯】 | | | | 国际原 ...

Report Industry Investment Ratings No relevant content provided. Core Views of the Report - The market for PX is supported in the short - term due to geopolitical factors and supply - demand tightness, but may be dragged down by downstream production cuts and weak terminal demand. PTA, ethylene glycol, short - fiber, and bottle - chip are expected to be affected by similar factors, and their prices will fluctuate with the cost side. For polyolefins, PP is expected to be under pressure while PE has a slight improvement in fundamentals. PVC and caustic soda have their own supply - demand contradictions, and the current market trends are complex. Urea's market is under pressure from high supply and weak demand. Crude oil prices have fallen due to the decline in geopolitical risk premiums and demand concerns. Methanol's supply and demand situation is complex with uncertainties in overseas supply and weak domestic demand. Benzene - ethylene is expected to be weak due to supply increases and demand decreases [2][25][34][39][43][46][53]. Summary by Related Catalogs Polyester Industry Chain - **Prices and Cash Flows**: On June 23, most polyester product prices showed minor changes. For example, POY150/48 price decreased by 0.7%, and its cash - flow decreased by 59.7%. PX - related prices also had fluctuations, with CFR China PX down by 0.1%. The prices of upstream products like Brent crude oil (August) decreased by 8.39% [2]. - **开工率**: Asian PX, PTA, and polyester comprehensive开工率 decreased, while MEG comprehensive开工率 increased. For example, PTA开工率 decreased from 82.6% to 79.1%, and MEG comprehensive开工率 increased from 66.3% to 70.3% [2]. - **Market Outlook**: PX is expected to be under pressure in the short - term. Strategies include being cautiously bearish on PX09, observing the PX9 - 1 spread, and reducing positions in the PX - SC spread narrowing strategy at low levels [2]. Polyolefin Industry - **Prices and Spreads**: On June 23, L2601 and PP2601 closing prices increased slightly. The spreads between different contracts also changed, such as L2509 - 2601 increasing by 10.29% [25]. - **开工率 and Inventory**: PP装置开工率 increased, while PE装置开工率 decreased slightly. PP inventory increased, and PE inventory decreased. For example, PP企业 inventory increased by 4.52%, and PE企业 inventory decreased by 1.83% [25]. - **Market Outlook**: PP is expected to be bearish in the short - term due to high production and poor marginal profits, while PE has a slight improvement in fundamentals but is still affected by the off - season [25]. PVC and Caustic Soda Industry - **Prices and Spreads**: On June 23, the prices of PVC and caustic soda products mostly decreased. For example, the price of华东电石法PVC decreased by 0.6%, and the price of山东32%液碱折百价 decreased by 3.7% [30]. - **开工率 and Inventory**: The开工率 of the caustic soda and PVC industries changed slightly. The inventory of caustic soda in some areas decreased, but the inventory of downstream alumina plants increased [32][34]. - **Market Outlook**: The current price of caustic soda is still searching for a bottom, and it is recommended to wait and see. PVC may have short - term price increases but is limited by long - term supply - demand contradictions, and a mid - term short - selling strategy is recommended [34]. Urea Industry - **Futures and Spot Prices**: On June 23, most urea futures prices decreased. For example, the 01 contract decreased by 0.35%. Spot prices in different regions also showed declines, such as the price of Shandong (small - particle) urea decreasing by 3.85% [39]. - **Supply and Demand**: Domestic urea daily production decreased slightly, and the开工 rate of production enterprises decreased. The inventory in factories decreased, while the inventory in ports increased. Agricultural and industrial demand is weak, and export volume has decreased significantly [39]. - **Market Outlook**: The urea market is under pressure from high supply and weak demand. It is not recommended to go long at low levels prematurely, but opportunities in the option side with narrowing volatility can be grasped [39]. Crude Oil Industry - **Prices and Spreads**: On June 23, crude oil prices decreased significantly. Brent decreased by 8.39%, and WTI decreased by 7.22%. The spreads between different contracts also changed, such as Brent M1 - M3 decreasing by 50.34% [43]. - **Market Outlook**: Crude oil prices have fallen due to the decline in geopolitical risk premiums and demand concerns. In the short - term, the market volatility may decrease, but geopolitical risks still exist. It is recommended to wait for the situation to become clearer [43]. Methanol Industry - **Prices and Spreads**: On June 23, methanol futures prices decreased. MA2601 decreased by 0.76%, and MA2509 decreased by 0.99%. The inventory of methanol decreased, and the开工 rate of some downstream industries also decreased [46]. - **Market Outlook**: The overseas supply of methanol is uncertain, and the domestic demand is in the off - season. It is recommended to wait and see, paying attention to the development of the Iranian situation and the actual parking rhythm of MTO [46]. Benzene - Ethylene Industry - **Upstream Prices**: On June 23, the prices of upstream products such as Brent crude oil (August) decreased. The prices of pure benzene and ethylene - related products also had minor changes, with pure benzene - stone naphtha increasing by 0.7% [50]. - **Benzene - Ethylene Prices and Inventory**: The price of benzene - ethylene decreased slightly, and its inventory decreased. The profit of benzene - ethylene integration decreased significantly by 76.8% [51][53]. - **Market Outlook**: Benzene - ethylene is expected to be weak due to supply increases from upstream device resumptions and profit - driven production increases, and demand decreases from weak downstream profits and uncertain terminal demand [53].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The energy and chemical industry is divided into multiple sectors including energy, alcohols, polyolefins, rubber, polyesters, alkalis, etc [3]. - For each selected option variety, based on fundamental and market analysis, combined with option factor research, corresponding directional and volatility strategies as well as spot hedging strategies are proposed [8][9][10] 3. Summary According to Related Catalogs 3.1 Futures Market Overview - The latest prices, price changes, trading volumes, and open interest changes of various energy and chemical futures contracts are presented, such as the SC2508 crude oil contract with a latest price of 568, a decline of 4, and a trading volume of 455,500 lots [4]. 3.2 Option Factors 3.2.1 Volume and Open Interest PCR - The volume and open interest PCR of various option varieties are provided, which are used to describe the strength of the option underlying market and the turning point of the market trend respectively. For example, the open interest PCR of crude oil options is 1.90, indicating relatively strong long - term bullish sentiment [5]. 3.2.2 Pressure and Support Levels - The pressure and support levels of various option underlying assets are given. For instance, the pressure level of crude oil is 610 and the support level is 450 [6]. 3.2.3 Implied Volatility - The implied volatility data of various option varieties are presented, including at - the - money implied volatility, weighted implied volatility, etc. For example, the at - the - money implied volatility of crude oil options is 51.77% [7]. 3.3 Strategy and Recommendations 3.3.1 Energy - related Options - **Crude Oil**: Fundamentally, OPEC+ is increasing production, and the US supply is also rebounding. The market trend is short - term bullish. Option strategies include constructing a bullish call spread, a short call + put option combination, and a long collar strategy for spot hedging [8]. - **Liquefied Petroleum Gas (LPG)**: Affected by the Middle East geopolitical conflict, the supply may decrease. The market shows a short - term bullish trend. Strategies are similar to those of crude oil [10]. 3.3.2 Alcohol - related Options - **Methanol**: With decreasing port and enterprise inventories, the market is short - term bullish. Strategies include constructing a bullish call spread, a short call + put option combination, and a long collar strategy for spot hedging [10]. - **Ethylene Glycol**: Port inventory is decreasing, and the market shows a short - term bullish trend. Strategies include constructing a bullish call spread, a short volatility strategy, and a long collar strategy for spot hedging [11]. 3.3.3 Polyolefin - related Options - **Polypropylene**: In the seasonal off - peak season, downstream demand is weak, but the market shows signs of a rebound. Strategies include constructing a bullish call spread and a long collar strategy for spot hedging [11]. 3.3.4 Rubber - related Options - **Rubber**: Inventory is slightly increasing, and the market is in a weak consolidation state. A short neutral call + put option combination strategy is recommended [12]. 3.3.5 Polyester - related Options - **PTA**: The industry inventory is decreasing, and the market is in a high - level consolidation and rebound state. A short neutral call + put option combination strategy is recommended [13]. 3.3.6 Alkali - related Options - **Caustic Soda**: Inventory is decreasing, but the future supply - demand pattern is weakening. Strategies include constructing a bearish put spread, a short bearish strangle option combination, and a long spot + short out - of - the - money call option strategy for spot hedging [14]. - **Soda Ash**: The market is in a weak downward trend. Strategies include constructing a bearish put spread, a short bearish call + put option combination, and a long collar strategy for spot hedging [14]. 3.3.7 Urea - related Options - The enterprise inventory is decreasing, and the market shows a short - term bullish trend after a decline. A short neutral call + put option combination strategy and a long spot + long at - the - money put + short out - of - the - money call option strategy for spot hedging are recommended [15].