8.16 | Jubo Glass Weekly Review (No.71): Slight glass destocking offset by weak demand; spot drifts lower, futures break down.

Weekly Trend of Glass Futures and Spot Prices (7.27-7.31)

Glass futures edged up narrowly this week, with the main continuous FG contract rising by RMB 17 per ton during the week.

Glass spot prices fluctuated steadily; the national average spot price dipped by RMB 2 per ton week-on-week.

Weekly Analysis of Glass Futures and Spot Market

• Fundamentals

Supply side: One production lines underwent product conversion this week, leading to narrow swings in the overall operating rate. The spot market faced downward pressure, and manufacturers accelerated shipments. Inventories declined across most regions, with the industrial inventory falling by 0.6% week-on-week.

Demand side: Market sentiment diverged widely. Manufacturers adjusted quotations to boost sales, and some enterprises carried out periodic restocking. Overall trading saw a mild improvement compared with earlier periods.

• Technical aspect

The main glass futures contract climbed slowly this week, hitting a high of 894 and a low of 866. The weekly K line closed as a small bullish candlestick with upper and lower wicks. After successive declines, the contract stabilized at lows and entered a weak rebound consolidation phase; bear momentum faded noticeably, yet no trend reversal signal emerged.

Technically, the 5-day, 10-day and 20-day moving averages kept sloping downward, forming a solid bearish arrangement. The 60-day moving average stayed far above the current price, leaving no foundation to reverse the medium-term downtrend. The current rebound is merely technical recovery after excessive decline. Volume performance features enlarged volume on rallies and shrinking volume during consolidation, indicating weak bull momentum, so a sustained uptrend is unlikely.

• Market Outlook

Fundamentally, the glass market is in the traditional off-season with lingering weak spot demand, which restricts substantial inventory reduction. Trading picked up slightly this week, and some manufacturers intend to raise prices; follow-up price adjustment implementation merits close attention.

Technically, short-term consolidation will continue within the range of 866–896 at low levels. The decline has slowed, while the long-term bear structure remains intact. The spot market trend will be the key focus.

Disclaimer: Market investment carries risks. Please make independent and prudent decisions. All data and information herein are sourced from public online materials. The opinions are only for industry discussion and do not constitute investment advice. We assume no liability for any actions taken based on this content.

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