【玻璃&纯碱：震荡磨底，区间操作】金十期货4月3日讯，1. 纯碱：略中性的上游开工，伴随轻碱和重碱需求增加预期，库存高位累库放缓，估值不高，期现维持成本底部震荡；关注悲观预期下的成本下移到1320元附近，关注光伏玻璃点火的情绪利多和上游供应端的开工波动；整体维持1320-1700元震荡区间操作，双卖虚值期权。2. 玻璃：玻璃近远月价差也不大，和纯碱类似，供应过剩格局延续，叠加估值不高，价差难以大幅拉开；仅从估值看，玻璃下行空间略大，当前2509价格1240元附近，煤制成本在1000元附近；玻璃端的不确定性来自需求，中性和悲观需求下，玻璃的库存压力仍大，当前近远月价格基本在天然气高成本附近，玻璃的冷修意愿不大，这种情形对玻璃偏利空；利多点是需求略好转下，4-5月的去库仍可拉涨盘面，关注高空机会。
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