Downstream demand picked up slightly PP has limited room to fall

Raw material prices: Japan naphtha CF Japan reported 487.
62 yuan / ton, up 2.
5; naphtha FOB Singapore reported 52.
79 US dollars / barrel, up 0.
3
.
ethylene CFR Northeast Asia 1315 US dollars / ton, flat; CFR Southeast Asia was trading at $1125/mt, down 20
.
The CIF price of propylene in China was $961/ton, up 11
.

Spot prices: foreign spot market prices rose slightly, the Far East was reported at $1050 / ton, up 5, and China's CIF price was reported at $1050 / ton, up 5
.
Domestic market prices were slightly flat; East China Ningbo 8600 yuan / ton, flat; South China Maoming reported 8750 yuan / ton, flat
.

News side: 1.
CNPC East China PP grain rose 100, T30S 8650, L5E89 8600, Dalian T38F 8650, Dalian 500P 8650, Z30S 8950, EPS30R 8950, K8003 9350, Fushun C703L 8850
.

This week, the inventory of PP major traders and manufacturers fell slightly, mainly affected by the price decline, the downstream just need to take goods, but the overall inventory is still high, some devices in the later period into the maintenance period, downstream demand slightly recovered, pay attention to the market inventory digestion capacity, it is expected that the price will continue to fall limited
.
Technically, the PP1705 contract closed down in shock, short-term lower test of support around 8600, upper test of pressure around 8900, is expected to maintain short-term volatility in the 8600-8900 range, if the futures price stands firm 8600, you can try to be short.