News summary
The methanol spot market is currently performing stronglyfibaworldcupqualifiersphilippines, port stocks are lowfibaworldcupqualifiersphilippines, spot prices hit high. The main contract increased significantly. Technical aspects show that short-term shocks are strong, with support at 2640.
Newsletter text
Methanol futures prices fluctuated upwards, and the spot transaction price rose to 3040 yuan/ton
On Monday's futures market, methanol-weighted contracts increased their positions, with a total of 5418 lots, while the 09 main contract increased their positions as high as 12011 lots, recording 0 at the close.fibaworldcupqualifiersphilippines.34% increase
In the Jiangsu Taicang methanol spot market, the average transaction price on the day recorded 3040 yuan/ton, an increase of 105 yuan/ton from the previous trading day. Analysts believe that the increase in spot prices is mainly due to the continued decline in port inventories. Currently, inventories are at historically low levels, and negotiable goods are tight.
Despite the tightening of methanol market supply, the profits of coal-to-methanol companies are strong, reaching their highs during the year, while the profits of downstream olefin companies continue to lose money. Analysts expect sluggish profits from MTO companies to limit the upside of methanol prices
Technical analysis shows that the methanol price on the daily chart exceeded the previous pressure level of 2640, and the price fluctuated strongly in the short term. It is necessary to pay attention to whether it will step back on the support level of 2640.