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Market conditions: Liansu rushed back down, L2001 main contract slightly higher, futures price closed at 7345 yuan / ton, +25 yuan from the previous trading day; Volume 420230 lots, -4236 lots; Position 624676 lots, -22918 lots, basis 25 yuan, -5 yuan; 1-5 spread 125 yuan, +20 yuan
.
News: PE inventories of domestic polyethylene enterprises (oil + coal) rose higher this cycle, up 6.
0%
week-on-week.
Among them, the total inventory of PE in two barrels of oil was higher, up 6.
14%
from last week.
Among them, Sinopec's PE inventory increased by 11.
92% from last week; CNPC PE inventories rose 3.
18%
from last week.
PE inventories of coal-based enterprises rose slightly, up 5.
49%
week-on-week.
Spot market: The domestic polyethylene market is mixed
.
In terms of petrochemicals, the sales company's low-pressure price adjustment, linear steady and rising
.
Linear futures fluctuated slightly, merchants were cautious, offers were mixed, downstream maintenance just needed to take goods, market real negotiations are the mainstay
.
As of the noon close, the North China market fluctuated by 50-100 yuan / ton; East China market rose by around 50 yuan / ton; The South China market is temporarily stable
.
Warehouse receipt inventory: exchange warehouse receipt reported 1671 lots, intraday -0 lots; In the historical median zone
.
Main position: The top 20 long positions in the main contract are 200423 lots, -8196 lots, short positions are 204514 lots, -6986 lots, net positions are -4091 lots, net short increases
.
Summary: Crude oil stopped falling and rebounded, the Sino-US trade dispute showed signs of easing, and after entering late October, the 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 protection inspections opened, downstream enterprises were cautious in purchasing, and domestic PE social inventory stocks rebounded
slightly.
In addition, ethylene trends in Asia continue to weaken, and these factors are expected to suppress
LLDPE.
Operationally, if the market effectively breaks through the pressure of the 7420 line, investors can stop profit and exit short orders in their hands
.
