Even plastic bottoming out, short funds took profits

News: Several global petrochemical companies continue to announce investments
in China, despite rising trade tensions between China and the United States that could weaken China's economy.
SABIC plans to build a "world-class" petrochemical plant
in Fujian, China.
ExxonMobil, a major U.
S.
oil company, said it was also considering building "multibillion-dollar" chemical facilities in China's Guangdong province, including a 1.
2 million tonnes per year flexible feeder steam cracker and polyethylene and polypropylene plants
.

Raw material price: naphtha CF Japan reported 678.
25 US dollars / ton, down 0.
23%; FOB Singapore was trading at $73.
72 a barrel, down 1.
89%.

ethylene CFR Northeast Asia 1320 US dollars / ton, flat; CFR Southeast Asia was flat at $1215/mt
.

Spot prices: Southeast Asia was flat at $1,130; Far East reported 1090 yuan / ton, unchanged
.
Domestic price: North China Daqing reported 9500 yuan, flat; East China Yuyao reported 9,500 yuan, flat; South China Guangzhou 9850 yuan, flat; Northwest Dushanzi 9600 yuan, flat
.

The Liansu 1901 contract bottomed out, and the position volume decreased sharply, indicating that there were short funds taking profits
.
Fundamentally, spot prices are stable, and petrochemical prices support them, but Asian ethylene prices have fallen, and a slight recovery in social inventories has put certain pressure
on futures prices.
Technically, the MACD indicator and the KDJ indicator are repeatedly low, and the short-term direction is unclear
.
In terms of operation, it is recommended that investors wait and see for the time being
.