8.30 | Jubo Glass Weekly Review (No.73): Futures wide‑range bottoming; spot mild de‑stocking, no demand turn.

Weekly Trend of Glass Futures and Spot Prices (8.24-8.28)

Glass futures trended lower then rebounded this week, with the main FGM continuous contract gaining RMB 5 per ton.

Spot glass prices drifted lower amid stability; the national average spot price fell RMB 4 per ton week‑on‑week.

Weekly Analysis of Glass Futures and Spot Market

• Fundamentals

Supply side: No production‑line changes occurred this week; the composite operating rate stayed steady. Producers were eager to clear stocks. Regional spot prices edged down narrowly, and shipment performance varied across regions. Industry‑wide inventories declined modestly by 0.49% week‑on‑week.

Demand side: End‑user markets remained at the tail‑end of the traditional off‑season. Downstream deep‑processors purchased only for rigid needs. Some producers adjusted offers flexibly; production‑sales ratios improved temporarily in select regions yet fluctuated around break‑even overall. No material recovery in order books was observed.

• Technical aspect

The main glass contract saw wide‑range volatility: an initial rebound, followed by a pullback to test lows, then a late‑week recovery. It hit a high of 932 and a low of 895 amid fierce bull‑bear tussles, with no clear directional breakout.

On technical charts, price oscillated widely, recouping most losses after dipping. The weekly candle showed no bullish engulfing reversal, only post‑lows corrective bounce. The market remains in a bottom‑building phase at low levels, and the medium‑term downtrend has not been fully invalidated. Moving averages show bearish alignment across all timeframes, with shifting short‑term MA resistance. Volume spiked on both rallies and breakdowns; rebounds lack sustained buying inflows.

• Market Outlook

Fundamentally, no definitive demand inflection has emerged. Inventories edged down but stay elevated. Restarts and cold repairs keep competing on the supply side, leaving spot prices in weak short‑term oscillation.

Technically, the contract is trapped within the 895‑934 wide trading band. Sustained volume‑driven breakout above 934 would unlock further rebound toward 950. Persistent failure above 934 would trigger renewed pullbacks.

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