Analysis of soda ash market
Today, the domestic soda ash market continues to be weak. As of now, the price of light soda ash in Northeast China is between 1,850 - 2,000 yuan/ton, and the price of heavy soda ash is between 2,050 - 2,100 yuan/ton; the price of light soda ash in Northwest China is between 1,450 - 1,550 yuan/ton, and the price of heavy soda ash is between 1,500 - 1,600 yuan/ton; the start of the soda factory today is basically stable, and the supply remains at a high level; The performance of downstream demand is still weak, with the main focus on appropriate replenishment, and the wait-and-see attitude remains unchanged; the focus of transactions in the soda ash market has gradually shifted downward, and prices have been under pressure.
Futures dynamics
According to Boduo data, the opening price of SA2409, the main contract for soda ash, on August 14, was 1656 yuan/ton, and finally closed at 1575 yuan/ton, an increase of-5.46% within the day. The highest intraday session was 1658 yuan/ton, the lowest was 1550 yuan/ton, with a total position of 406028 lots, a month-on-month period of-120769 lots.
Soda ash futures prices fell sharply today, showing signs of accelerating bottom on the month-on-month basis. On the one hand, due to the continued weakness of financial data yesterday, the overall market environment sentiment fell. On the other hand, under the premise that soda ash's own fundamentals are difficult to improve in the short term, the main contract is approaching delivery, speculative funds are facing departure and relocation, and bulls stampede is more serious. Under the short-term capital game, the market lacks supporting reference, and the short-term or weak parties mainly reduce their funds.
market outlook
Maintenance plans are still in place in the future, and production and start-up will be adjusted; however, downstream enthusiasm for obtaining goods is poor, and inventory pressure is difficult to relieve. It is expected that prices may continue to operate weak in the short term.
