9.13 | Jubo Glass Weekly Review (No.75): Glass swings on Golden Sep; spot rises, futures-spot diverges.
Weekly Trend of Glass Futures and Spot Prices (9.7-9.11)
Glass futures traded within a range this week; the FGM continuous glass contract fell by 3 RMB/ton over the week.
Glass spot prices kept rising this week, with the national average market price up 12 RMB/ton week-on-week.
Weekly Analysis of Glass Futures and Spot Market
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Fundamentals
Supply side: One production line drained and two lines started ribbon drawing this week. Total output fluctuated slightly. Inventory destocking was seen across regions; industrial inventories dropped 3.93% week-on-week, and bullish sentiment prevailed.
Demand side: Sustained spot price gains boosted downstream purchasing appetite to some extent. Overall production and sales improved markedly versus the prior period, and manufacturers sped up shipments.
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Technical aspect
The main glass contract saw wide high-level fluctuations this week, hitting a high of 1010 and a low of 951. Weekly trading volume remained high. Open interest rose then fell, with active capital turnover and intensified long-short battles. Long positions met resistance at upper pressure levels, while shorts capped rallies on the back of high inventories.
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Market Outlook
Fundamentally, the market entered the traditional "Golden September" peak season, yet purchasing activity only improved marginally without substantial volume growth. Midstream and downstream firms remained cautious with little willingness for proactive restocking, forming a pattern of "optimistic expectations but weak reality".
Technically, near-term resistance sits near 1010 and support around 950. No unilateral trend has formed; the market remains in range-bound oscillation driven by peak-season expectations. Continued monitoring of inventories and end-user orders is required for further confirmation.
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.
