Continuous plastic narrow finishing There is a short-term risk of pullback

News: Asian ethylene is steady and falling
.
CFR Northeast Asia fell 5 US dollars / ton at 785 US dollars / ton; CFR Southeast Asia is stable at $750/ton
.

Spot market: The domestic polyethylene market is weak and volatile
.
The linear and low-pressure opening price of the main regional sales company was partially moved down, with a range of 50-150 yuan / ton
.
The transaction volume of the spot market is light, the merchant attitude is cautious, the active shipment intention is the mainstay, and the real focus has shifted
slightly downward.
As of the noon close, the North China market fell 50-100 yuan / ton; East China market fell 50 yuan / ton; The South China market adjusted around 50 yuan / ton
.

Warehouse receipt inventory: exchange warehouse receipts reported 1081 lots, intraday -10 lots
.
Main position: The top 20 long positions in the main contract are 93399 lots, -7843 lots, short positions are 122504 lots, -11461 lots, net positions are -29105 lots, net space is reduced
.

Summary: The International Monetary Fund lowered the global economic growth rate in 2019 to 3%, the lowest growth rate in 10 years, and the average operating rate of polyethylene enterprises this week was 93.
84%, an increase of 3.
36 percentage points
compared with the previous cycle data (90.
48%).
The total output of polyethylene of domestic enterprises was 376,600 tons, an increase of 13,500 tons
from the previous month.

Market supply has increased
.
However, after entering the end of October, the demand for plastic agricultural film gradually rebounded, and the overall operating rate of agricultural film enterprises this week was 42.
34%, +0.
07% week-on-week, showing an overall decline in demand for shed film and an increase in demand for mulch film
.
PE social inventories continued to fluctuate and fall, and the PE inventories of domestic polyethylene enterprises (oil + coal) declined this cycle, with a week-on-week decline of 5.
4%.

Total inventories of PE in the two barrels continued to decline, falling by 6.
66%
from last week.
The PE inventory of coal enterprises fell by 1.
76%
week-on-week.
It shows that there is not much
supply pressure in the market.
This provides some support
for LLDPE.
Considering that the short-term gains have been large, it is expected that there is a risk
of a technical correction in the short term.
In terms of operation, it is recommended that investors reduce their holdings at high prices and drop their pockets
.