Dragged down by the general environment, PVC prices fell rapidly

News: According to Longzhong tracking, as of November 19, PVC social inventory reported 140,000 tons, down 2.
8% from last week and down 24% from last year; Among them, East China increased by 2% month-on-month to 103,000 tons, down 16.
9% year-on-year, and South China decreased by 13.
9% month-on-month to 37,000 tons, down 38%
year-on-year.

Upstream price: naphtha CF Japan reported $546.
12/mt, +0.
16%; FOB Singapore is trading at $58.
49/b, +0.
38%.

ethylene CFR Northeast Asia 1040 USD/ton, +0.
97%; CFR Southeast Asia is trading at $950/mt, +1.
06%.

Domestic calcium carbide prices fell, East China reported 3340 yuan, -0%, Northwest reported 3075 yuan, -0%.

Spot market: CFR Southeast Asia quoted $850, +0%; CFR China is trading at $850, +0%.

Domestic: North China calcium carbide law reported 6500 yuan / ton, -0.
46%; Ethylene law reported 6650 yuan / ton, +1.
53%; East China calcium carbide method reported 6500 yuan / ton, +0%, ethylene method 6750 yuan, -0%; South China calcium carbide method 6600 yuan, +0%, ethylene method 7200 yuan, -0%.

PVC1901 opened low and fluctuated, but in the afternoon dragged down by the general environment, the price fell rapidly, the final session closed in the cloud, the trading volume increased significantly, and the position volume also increased
slightly.

Fundamentally, calcium carbide prices are weak, spot prices are mixed, and futures prices are suppressed, but social inventories continue to fall, and after continuous decline, there are certain rebound requirements
in the short term.

Technically, MACD edged slightly higher, but the red bar shortened, showing the weakness of bulls' follow-up, and the KDJ indicator turned at a median turn, indicating short-term adjustment requirements, and the market focused on the support of the 6350 line
.
Operationally, it is recommended that investors wait and see for the time being
.