Continuous plastic contract narrow finishing The market will pay attention to the first-line support of 6860 yuan

News: In 2019, China's total polyethylene imports were 16.
6686 million tons, and among the top ten importers, the countries involved in recent public health incidents were Iran, South Korea, Singapore, Thailand, and the United States
.
Among them, Iran accounted for the largest proportion, with an import volume of 2.
556 million tons, accounting for 15.
33% of the total imports, and I heard that some of Iran's arrival may be delayed, and the specific delay time has not yet been received
.
South Korea's polyethylene imports account for 7.
25% of the total imports, accounting for a small
proportion.
In 2019, China imported 250,500 tons of Japanese polyethylene, accounting for 1.
5% of China's total polyethylene imports, which shows that the amount imported from Japan is even smaller
.

As of February 14, 2020, the total inventory of polyolefin in major domestic ports reported 345,300 tons, down 04,100 tons from last week and up 17,700 tons
from the same period last year.
On the 25th, the two barrels of oil and petrochemical stocks reported 1.
2 million tons, down 25,000 tons
from the previous day.

Shenhua coal chemical linear intraday bidding volume of 578 tons; The transaction volume was 78 tons, the high-pressure auction volume was 338 tons, the transaction volume was 0 tons, and the low-pressure bidding volume was 450 tons, and the transaction volume was 156 tons
.

Spot market: The domestic polyethylene market is volatile and narrow.

The opening price of the main regional sales company is stable and the opening price rises slightly, the linear futures fluctuate slightly, the business resources are not much, the attitude is more wait-and-see, the offer is slightly adjusted, and the real transaction is acceptable
.
As of the noon close, the North China and South China markets were narrowly adjusted around 50 yuan / ton; East China market adjustment 50-100 yuan / ton
.

Warehouse receipt inventory: exchange warehouse receipts reported 2412 lots, +0 lots
within the day.
Main position: the top 20 long positions in the main contract are 162144 lots, +225 lots, short positions are 221056 lots, -1652 lots, net positions are -58912 lots, and the net space is reduced
.

Summary: Domestic stimulus policies weakened market panic, and two barrels of oil and petrochemical inventories fell slightly to 1.
2 million tons, down 25,000 tons
from the previous day.
As the outbreak eases, downstream demand is expected to continue to recover
this week.
However, in the spot market, Shenhua Polyethylene online bidding commodities fell significantly the day before the transaction, indicating that the downstream post-holiday replenishment may come to an end
.
The decline in crude oil has also weakened the linear cost support to a certain extent, and the downstream resumption of work progress remains to be seen, it is expected that the trend of polyethylene will still be repeated in the short term, and the future market will pay attention to the support
of 6860 yuan.
Operationally, it is recommended that investors wait and see for the time being
.