20250630-宏源期货-MEG早评_2页_308kb

MEG Market Analysis Summary (2025/6/27 to 2025/6/30):

• Spot prices showed mixed but mostly weak trends, with key items like ethylene MEG market price down 0.46% to 4340元/吨 and DCE EG主力合约 closing at 4271元/吨, a 0.51% decline.

• Upstream costs and related indices were stable, but cost support for MEG is weakening due to factors like low demand from polyesters.

• Operating rates for PTA and polyester sectors declined slightly (e.g., Jiangsu weavers at 64.95%, down from previous), reflecting reduced industrial activity.

• A synthetic gas MEG plant in Shaanxi may face maintenance, potentially affecting supply in the medium term.

• Trading strategies emphasize a bearish outlook, with MEG prices expected to remain weak due to declining fundamentals, slower demand, and no strong support from external factors like geopolitical events.

Market conditions indicate a downward trend in MEG, supported by weaker spot transactions and hedging activities.