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On Thursday, the Liansu L2005 contract fluctuated lower, and the futures price closed at 5820 yuan / ton, -290 yuan from the previous trading day; Volume 382461 lots, +115266 lots; Position 170493 lots, -1999 lots, basis 430 yuan, +240 yuan; 5-9 spreads -90 yuan, -15 yuan
.
News: From January to February 2020, China imported a total of 2.
365 million tons of PE, down 170,700 tons or 6.
73%
from the same period last year.
Domestic PE exports were 33,900 tons, down 1,200 tons, or 4.
39%.
In February 2020, domestic PE production decreased month-on-month, but it was still much higher than the same period last year
.
Data show that in February, China's PE output was about 1.
5152 million tons, down 148,600 tons, or 8.
93%, from January, and still 129,900 tons, or 9.
38%,
higher than the same period last year.
Spot market: The domestic polyethylene market continued to decline
.
The opening price of the main regional sales company was partially reduced, with a range of 100-200 yuan / ton
.
The merchant mentality is panicked, more upside down to find the deal, the downstream just needs to take the goods, the transaction is general
.
As of the midday close, the North China market fell 100-230 yuan / ton; East China fell 50-200 yuan / ton; South China fell 50-100 yuan / ton
.
Warehouse receipt inventory: exchange warehouse receipts reported 592 lots, intraday -0 lots
.
Main position: the top 20 long positions in the main contract are 96973 lots, -5145 lots, short positions are 115834 lots, -4605 lots, net positions are -18861 lots, net space increased
.
Summary: The accelerated spread of the overseas epidemic has caused market panic, the absolute value of the domestic two barrels of oil and petrochemical inventory is still high, indicating that downstream demand has not fully recovered, crude oil is running weakly, and Shenhua online auction trading volume is still in the historical low area, which suppresses the price of polyethylene to a certain extent
.
However, the Fed's opening of the unlimited QE mode has boosted market confidence to some extent, and the US House of Representatives will vote on the 2 trillion economic stimulus plan on Friday also gave the market certain expectations, and the market focused on whether crude oil can stop falling and rebound
.
In terms of operation, it is recommended that investors close short orders in batches at low prices, and pay attention to the long opportunities
of the 2009 contract in the future.
