Energy Chemical Glass Renewed High

Domestic energy and chemical products followed the rise of crude oil. Commodity market energy varieties rose across the board, including glass ** main 1309 contract was approached daily limit, the end market closed up 2.84%, after two days again refreshed historical highs.

The glass futures price reached a new high. The new glass listed on the Zhengzhou Commodity Exchange in December last year hit another record high on February 4. The main contract of the 1309 contract closed at 1,632 yuan per ton, an increase of 2.84%. The trading volume was higher than the previous day. Increased 943,000 hand-to-2.40.3 million, while holding positions increased by more than 60,000 hands to 466,000 hands.

Guan Tongxi analyst Ma Shichao said that after the third session of the glass staged a big rally, the trading volume once again stood high, and the long-short gap remained large. It is noteworthy that there is no major change in long positions, but short positions The increase shows that small and medium retail investors believe that the current price has reached a high point, and it looks like the market is down. On the contrary, the bulls did not make large profits. The intention to pull up is still there. It is expected that the glass will continue to rise in the next few days, and there may be a slight correction during the period. However, the reversal is difficult to happen. On the other hand, the spot market conditions are basically confirmed. It is expected that there will be no major action before the end of the year, and the market outlook will still be dominated by funds.

Lu Zheng ** analyst Yan Zailiang believes that the glass spot market basically no change, there is no significant positive, there is no big change is expected before the Lantern Festival, although the overall glass ** strong but has not changed far strong In the weak pattern, contracts for 03 and 04 showed relatively small gains. With the passage of time, this pattern will also be evident.

Zhai Zailiang said that from the post-open positions, the long leader Yongan ** has not reduced his holdings, but glass ** currently has a problem of relatively high turnover, and has always had fewer positions before the deal. Rising more is still driven by funds.

Crude oil rose 5.66% in January

As a commodity commodity benchmark, crude oil rose in January. According to our reporter’s statistics, the March crude oil contract for New York’s crude oil rose 5.66% in January, and is currently maintained above US$97 per barrel.

Behind such a strong oil is the rise in long positions. According to the latest data released by CFTC of the US Commodity Exchange Commission, as of January 29th week, WTI crude oil** held 1,553,636 contracts in total and increased 61,769 contracts in one week; meanwhile, non-commercial net longs reached 267,989 contracts, raising 21,886 contracts; ** Net long 207,054 lots, an increase of 9646 lots; while in the past month total positions increased by 80,291 lots, non-commercial net long positions increased by 69,911 lots, and managed **net bulls magnified 70,581 lots.

Yao Yao, an analyst at New Lake, said that the recent rise in oil prices has mainly come from macroeconomic and geopolitical factors. The deterioration of the European economy, which was plagued by the European debt crisis, has slowed to a certain extent, in addition to Egypt, Israel, and Syria. The ** and conflicts have also increased market concerns about the stability of the Middle East. Combined with the non-commercial positions announced by the CFTC, the current crude oil market is stronger than the empty ones.

Data on the supply and demand side of energy and chemical products across the board shows that the demand for distillates is still in winter and gasoline demand remains at the bottom. U.S. crude oil output continues to increase at 7 million barrels per day. On the other hand, third-party survey agencies show OPEC January production fell to a one-year low.

"Crude oil is the upstream raw material for various types of chemical products or the source of fuel for processing, and its rising price will support the cost of plastics and glass," said Yao Yao. The Wenhua Finance Commodity Index shows that the methanol index rose by 7.66% in January, the coke index rose by 4.66% in January, and the petrochemical index, plastic index, and PVC index all increased by more than 2% in January.

"Chemical** has seen dramatic gains. Glass, PTA, plastics, PVC, natural rubber, coke, etc. have all significantly increased, and have set a new rebound. There is still room for upward movement," said Tao Jinfeng, research director of Guotai Junan Research Institute. At the end of the year, the supply of the market is relatively tight, and the coming season of the demand season is expected to be obvious. The market will use this to speculate.