Continuous plastic narrow finishing may maintain a range-bound pattern

News: PE inventories of domestic polyethylene enterprises (oil + coal) fell this week, with a week-on-week decline of 26.
09%.

In terms of varieties, LDPE inventory decreased by 60.
57% week-on-week; HDPE inventory decreased by 2.
76% week-on-week; LLDPE inventories decreased by 31.
44%
week-on-week.
The total inventories of PE in the two barrels of oil fell widely, down 32.
79%
from last week.
Among them, Sinopec's PE inventory decreased by 58.
54% compared with last week; CNPC PE inventories fell 18.
46%
from last week.
PE inventories of coal-fired enterprises edged lower, down 5.
89%
week-on-week.
Traders' PE inventories rose 10.
45%
week-on-week.

Spot market: The domestic polyethylene market price is lower
.
In terms of petrochemicals, the sales company's high-pressure and linear opening price was lowered, with a range of about 50 yuan / ton
.
The merchant mentality is bearish, and the offer part is moved
down.
As of the noon close, the North China market fell 50-100 yuan / ton; The East China market fell by about 50 yuan / ton; The South China market is temporarily stable
.

Warehouse receipt inventory: exchange warehouse receipt reported 1362 lots, intraday - 200 lots; In the historical median zone
.
Main position: The top 20 long positions in the main contract are 195163 lots, -449 lots, short positions are 202719 lots, -1038 lots, and the net position is -7556 lots, with a decrease
in net shorting.

The Sino-US trade dispute showed signs of easing, and after entering late October, downstream demand for plastics gradually recovered
.
This has some support for LLDPE, however, the International Monetary Fund lowered the global economic growth rate in 2019 to 3%, the lowest growth rate in 10 years, which hit market confidence, and the second round of environmental inspections opened, downstream enterprises were cautious in purchasing, and domestic PE social inventories rebounded
slightly.
In addition, the weakening trend of crude oil and the continuation of the weakening of ethylene prices in Asia are expected to suppress LLDPE
.
It is expected that Liansu may maintain a range-bound pattern
.
Operationally, investors set short orders in their hands to take profit and hold
them cautiously.