【国泰期货】Morning Insight: July 8, 2025-250708（8页）.pdf

1、金融衍生品研究 请务必阅读正文之后的免责条款部分 1 Morning Insight:July 8,2025 Linlin Gao Certification：Z0002332 Yu Chen Wu(Contact)Certification：F03133175 Main Body Commodity Market Insight：Soda ash:short-term fluctuations,with trend pressure still present.Soda ash futures previously saw a temporary rebound driven by poli

2、cy-related expectations,but as such sentiment has slightly faded over the past few trading days,prices have once again retreated.The market remains under pressure due to relatively high production levels and a lack of active supply-side cuts.On the demand side,photovoltaic glass has already signaled

3、 production cuts ahead,with some manufacturers having begun to implement reductions.In the flat glass segment,high inventory levels persist,and glass producers remain generally cautious in their soda ash procurement.As a result,soda ash inventories at producers have risen for five consecutive weeks.

4、Even some producers who previously held firm on prices have recently started lowering them,with certain low-priced suppliers cutting prices by around 10%in June.Unless there is a clear and substantial production cut on the supply side,the soda ash market will continue to face downward pressure.July

5、July 8 8,2025,2025 F Financial Derivativesinancial Derivatives GUOTAI JUNAN FUTURES 金融衍生品研究 请务必阅读正文之后的免责条款部分 2 Chart 1：Market Snapshot Source：iFind,GUOTAIJUNAN FUTURES Research Open Interest Chart 2:Open Interest of IF Chart 3:Open Interest of IH Source：iFind,GUOTAIJUNAN FUTURES Research Source：iFin

6、d,GUOTAIJUNAN FUTURES Research Chart 4:Open Interest of IC Chart 5:Open Interest of IM Source：iFind,GUOTAIJUNAN FUTURES Research Source：iFind,GUOTAIJUNAN FUTURES Research CSI 300 Index Futures3963.8-0.31%SSE 50 Index Futures2723.0-0.14%CSI 500 Index Futures5874.2-0.18%CSI 1000 Index Futures6262.0 0.