News summary

Ethylene glycol futures 2409 contract closed down 0.0% on May 20crouchtigerhiddendragon2.64%, reporting 4526. The downward revision of demand expectations has led to insufficient price support, and the market is expected to make a slight correction. International crude oil prices closed slightly lower due to the situation in the Middle East and concerns about the Federal Reserve's interest rate cut. West Texas crude oil and Brent crude oil fell 0.32% respectively. The negotiation range for the ethylene glycol spot markets in Fujian and Dongguan has been stable, and the market trading atmosphere has become weaker.

Newsletter text

[Ethylene glycol futures prices fell slightly]

[The ethylene glycol futures market showed weakness, and the price showed a slight downward trend] The ethylene glycol of the 2409 contract in the futures market showed a downward trend. The opening price on the 20th was 4552 yuan, hitting a high of 4560 yuan in the day and dropping to a low of 4516 yuan. It finally closed at 4526 yuan, down 29 yuan compared with the previous trading day, or 0.64%. Although the macro market has certain support for the price of ethylene glycol in the short term, due to the continuous decrease in demand expectations, the demand side of ethylene glycol has shown insufficient, and its price is expected to drop slightly.

[International oil prices closed down slightly]

[Markets pay attention to the situation in the Middle East, international oil prices have slightly corrected] The international oil market has also shown subtle changes. Traders remain concerned about the regional situation after the death of a president of a Middle East country and are worried that the Federal Reserve's process of lowering interest rates may not be rapid. The settlement price of West Texas Light crude oil futures on the New York Mercantile Exchange fell slightly to $79.80 per barrel, down $0.26, or 0.32%, from the previous trading day. The trading range ranged from $79.17 to $80.60crouchtigerhiddendragon2; The settlement price of Brent crude oil futures on the London Intercontinental Exchange showed the same trend, closing at US$83.71 per barrel, down US$0.27, or 0.32%, and the trading range was US$83.11 to US$84.49.

[Ethylene glycol prices in Fujian market remain stable]

[Ethylene glycol trading in Fujian maintains the status quo] The mainstream ethylene glycol negotiation range in the Fujian market remains between 4,450 - 4,550 yuan/ton, which is the same as the previous working day. Although the trading atmosphere in the short-term spot market has weakened, the focus of mainstream negotiations in the Fujian market has not fluctuated significantly. Enquiries in the downstream market are mainly just needs, and there are not many actual transactions.

[The atmosphere in Dongguan ethylene glycol market has weakened slightly]

[The Dongguan ethylene glycol market negotiation range is stable, with average transaction volume] The ethylene glycol market in Dongguan also showed a similar stable trend. The negotiation range is also at 4,450 - 4,550 yuan/ton, which is consistent with the previous working day. The trading atmosphere in the short-term spot market has weakened slightly. Suppliers adopt a wait-and-see attitude in making offers, while downstream buying is still mainly based on just-needed purchases, and the actual transaction situation within the day is average.