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Market conditions: Liansu low recovery, L2001 main contract low recovery, futures price closed at 7260 yuan / ton, +5 yuan from the previous trading day; Volume 440284 lots, -16254 lots; Position 670152 lots, +24832 lots, basis 90 yuan, -5 yuan; 1-5 spread 90 yuan, +5 yuan
.
News: The overall operating rate of agricultural film enterprises last week was +1%
week-on-week.
Operating rates continued to improve in most regions this week, with the exception of a decline in South China
.
The operating rate of agricultural film in North China was +1%
week-on-week.
East China operating rate +8%
week-on-week.
Central China operating rate +3%
week-on-week.
The operating rate in the southwest region was +1%
week-on-week.
The operating rate in the northeast region was +4%
week-on-week.
The operating rate in the Northwest Territories was not significantly changed
from last week.
South China's operating rate was -2%
week-on-week.
The data shows that polypropylene auctioned 2955 tons, (2551 tons in the previous trading day) traded 1465 tons, (885 tons in the previous trading day) the transaction rate was 49.
58%, (34.
69% in the previous trading day) and some varieties were at a premium of 10 yuan
.
Linear auction of 200 tons (200 tons in the previous trading day), 0 tons of transaction (0 tons in the previous trading day), 0% transaction rate, (0% in the previous trading day), LLDPE did not trade for two consecutive days, indicating that downstream demand is sluggish and the willingness to take goods is not strong
.
Spot market: The domestic polyethylene market continued to be weak, and the trading center continued to shift
.
In terms of petrochemicals, the linear and low-pressure opening price of the sales company was partially reduced, with a range of 50-100 yuan / ton, and the merchants' shipment intentions were partially underreported, and the real market was inclined to negotiate
.
As of the midday close, the market prices in North China, East China and South China were 50-100 yuan / ton
lower.
Warehouse receipt inventory: exchange warehouse receipts reported 1671 lots, intraday - 90 lots; In the historical median zone
.
Main position: The top 20 long positions in the main contract are 215646 lots, +9548 lots, short positions are 215140 lots, +6971 lots, net positions are 506 lots, net short to net long
.
After entering late October, the downstream demand for plastics gradually recovered
.
This has some support for LLDPE, but the IMF cut 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 companies were cautious in purchasing, traders did not ship smoothly, and inventories rose
.
In addition, ethylene trends in Asia continue to weaken, and these factors are expected to suppress
LLDPE.
The future market pays attention to whether the low line in the early stage can form an effective support
.
Operationally, investors can hold short orders cautiously
.