8.23 | Jubo Glass Weekly Review (No.72): Main‑contract roll‑over completed; futures rally then retreat, spot remains weak.

Weekly Trend of Glass Futures and Spot Prices (8.17-8.21)

Glass completed main‑contract roll‑over this week, with trading focus shifting from FG2609 to the distant contract FG2701, which posted a high‑then‑fall volatile pattern during the week.

Spot glass prices edged lower within a narrow range; the national average market price fell by RMB 7/ton week‑on‑week.

Weekly Analysis of Glass Futures and Spot Market

• Fundamentals

Supply side: Two production lines in North China were ignited for restart, lifting the comprehensive operating rate slightly. The spot glass market fluctuated weakly. Production‑sales divergence persisted across regions. Industry destocking proceeded at a mild pace, with overall inventories down 0.07% week‑on‑week.

Demand side: No material improvement was seen in mid‑to‑downstream purchasing demand. Producers were eager to clear stocks. Some quotations were adjusted up or down, lifting market sentiment to a certain extent with decent transactions in parts, while trading remained sluggish in some local areas.

• Technical aspect

The main contract FG2701 rallied then retreated this week, hitting a weekly high of 934 and low of 897. It closed with a medium‑bodied bearish candlestick with upper shadow. The weekly chart came under pressure, and the rebound failed to sustain.

On daily K‑lines, prices gapped higher early in the week and attempted to advance, facing heavy resistance at 930‑935. Long positions were blocked followed by successive pullbacks. The contract found support at the low of 897 on Thursday and staged a minor low‑level recovery on Friday. The 5‑ and 10‑day moving averages turned downward to weigh on prices. MACD red bars shrank, indicating fading bullish momentum. No clear trend has formed, showing prominent bottom‑grinding oscillation features.

• Market Outlook

Fundamentally, mid‑to‑downstream buyers remain cautious. Coupled with weather impacts, shipments are weak in some regions and further quotation adjustments are expected for some manufacturers. The glass spot market will stay weak.

Technically, the rebound from earlier lows met resistance and prices returned to wide‑range oscillation. Key support lies at 895‑900, while resistance stands at 925‑935. Greater volatility may emerge for the distant contract upon completion of position roll‑over.

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