Continuous plastic shrinkage and position reduction The futures price rebounded

News: 1.
As of July 31, 2020, the total domestic polyolefin port inventory reported 274,400 tons, unchanged from last week and down 119,000 tons
from last year.
Two oil and petrochemical inventories reported 790,000 tons on August 3, up 135,000 tons
from Friday.
2.
Shenhua Coal Chemical Industry Shenhua Baotou linear intraday bidding volume of 816 tons, the previous day's bidding volume was 583 tons, the intraday trading volume was 66 tons, and the previous day's trading volume was 66 tons
.
Shenhua low-pressure intraday bidding volume was 300 tons, the previous day's bidding volume was 235.
85 tons, the intraday trading volume was 299 tons, and the previous day's trading volume was 35.
85 tons
.
Yulin High Pressure intraday bidding volume was 32.
175 tons, the previous day's auction volume was 32.
18 tons, the trading volume within the day was 0 tons, and the previous day's trading volume was 0 tons
.
Xinjiang high-pressure intraday bidding volume is 50 tons, the previous day's bidding volume is 50 tons, the intraday trading volume is 50 tons, and the previous day's trading volume is 50 tons
.
3.
As of the week of July 31, China's polyethylene production totaled 368,300 tons, an increase of 6.
59%
over the same period last week.
According to the analysis of the production schedule of each installation company, PE production will still increase this week, but the increase rate will fall significantly, about 0.
1%.

Among them, the linear increase was large, reaching 14.
91%.

Market quotation: North China Daqing Petrochemical 7042 mainstream price is 7150 yuan / ton, +50
.

Warehouse receipt inventory: 424 warehouse receipts, +0
.
Main positions: Top 20 long positions 160866, +1032, short positions 161626, -7153
.
Reduced
headroom.

Summary: Fundamentally, there are still many PE devices in China under maintenance, port inventories are still maintained in the historically low area, indicating that the short-term supply pressure is not large, but the overseas epidemic is becoming more and more serious, the market is worried that the recovery of demand may be affected, crude oil has signs of weakening, and the recent decline of two barrels of oil and petrochemical inventories is slow, and these factors are expected to suppress prices to a certain extent
.
Operationally, investors can close long orders in their hands
.