Ruida Futures: methanol Position reduction and volume contraction, futures price rising
Domestic market: On Monday, the main force of Zhengzhou methanol 1901 contract reduced its position and contracted its volume, and the futures price rose. The futures price of the day closed at 2988 yuan/ton, up 1.77% from the previous trading day. 71140 positions were cut and 1231944 were closed.
News: 1. The 900000 ton plant in Pucheng, Shaanxi was overhauled on October 21 and is expected to be restarted on November 8, with a daily output of 2700 tons.; 2. The 1.4 million ton unit of Salt Lake Magnesium Industry was overhauled on September 29, and is expected to be restarted on November 7, with a daily output of 1000 tons.
Spot: Jiangsu Taicang methanol market rebounded, large orders were still active, and small orders were average. Taicang spot large order was sold at 3130 yuan/ton, the offer was slightly higher at 3140-3150 yuan/ton, and small order actual order negotiation was 3140-3150 yuan/ton; In November, there were actual orders of 3110-3130 yuan/ton; In December, the actual order was sold at 3120-3125 yuan/ton.
View summary: From the supply and demand side, the exchange rate factor led to the overall shrinking trend of domestic methanol imports. Due to the strong demand for biodiesel in Southeast Asia, some goods were re exported to the Southeast Asian market, and the growth rate of domestic imports was limited later. From the methanol raw material side, the supply of raw materials in winter is expected to be tight due to environmental protection, heating and other factors. However, the continuous increase of methanol has led to the increasing cost pressure of downstream olefin factories, and some enterprises began to reduce the burden, which has a negative impact on demand. The methanol 1901 contract has fallen sharply in the early period, and the current price has stopped falling and stabilized. In the short term, it is suggested to rely on the 2950 front-line bargain buying idea to operate.
Ruida Futures Research Institute: Lin Jingyi
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