9.20 | Jubo Glass Weekly Review (No.76): Futures-spot divergence; glass main contract consolidated low after sharp drop.

Weekly Trend of Glass Futures and Spot Prices (9.14-9.18)

Glass futures trended down this week, with the FGM continuous contract falling by 20 RMB/ton.

Glass spot edged higher, national average price rose 10 RMB/ton week-on-week.

Weekly Analysis of Glass Futures and Spot Market

• Fundamentals

Supply side: Two production lines resumed ignition; overall operating rate inched up. Most manufacturers kept offers stable. Sales-output ratio stayed above balance. Inventory drawdown slowed slightly, down 1.3% week-on-week.

Demand side: Downstream wait-and-see sentiment grew. Some producers adjusted prices to boost shipments. End-users purchased on dips; glass spot market consolidated.

• Technical aspect

The main glass contract plunged then consolidated at lows, hitting a high of 974 and low of 902. Weekly trading volume remained high with heavy sell-off on Monday and thinner activity later. Open interest rose then fell amid massive position rotation. Golden September expectations faded, and bears dominated temporarily.

Weekly K-line closed a long bearish candle, breaking the 5-week and 10-week moving average support and the prior consolidation zone. MACD bearish crossover with expanding green histogram; RSI retreated to low levels, signaling potential minor technical rebound capped by overhead moving averages.

• Market Outlook

Fundamentally, the Golden September peak season underperformed expectations. After pre-season stocking, downstream buyers only made rigid-demand purchases with limited willingness to chase gains. Limited growth in property completions revised market optimism, showing obvious regional divergence.

Technically, market center moved lower, shifting from high consolidation to weak trend. Support sits near 900 while resistance forms at 930–940. Without fundamental positives, upside rebound is limited. The market will focus on verifying real peak-season demand.

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.