Even plastic test low recovery short-term may have rebound demand

News: The total inventory of PE in the two barrels of oil rose this week, up 5.
89% week-on-week and 2.
12%
year-on-year.
Among them, Sinopec's PE inventory increased by 8.
86% week-on-week; CNPC PE inventories rose 4.
08%
week-on-week.
The PE inventory of coal chemical enterprises increased by 2.
45%
week-on-week.
Traders' PE inventories fell by 1.
12%.

Spot market: Domestic polyethylene market prices continue to decline
.
In terms of enterprises, the linear and high-pressure opening price of the main regional sales company was reduced, with a range of 50-150 yuan / ton
.
Linear futures fell first and then rose, the range was large, merchants' offers continued to decline, downstream goods were cautious, and the real trading atmosphere was light
.
As of the morning close, North China was 50-200 yuan / ton lower; East China is about 50-150 yuan / ton lower; South China is 50-150 yuan / ton
lower.

Warehouse receipt inventory: exchange warehouse receipt reported 1656 lots, intraday -0 lots; In the historical median zone
.
Main positions: The top 20 long positions in the main contract are 203391 lots, -8678 lots, short positions are 266400 lots, -15210 lots, and net long positions are -63009 lots, +6532 lots
.

Summary: The weakening of crude oil and downstream demand generally suppress the price of continuous plastics, but the increase in equipment maintenance will support the price of LLDPE, and after continuous decline, there are also certain signs of
over-fall in the short term.
Technically, the L1909 contract has rebounded, the trading volume has risen sharply, and the position has been greatly reduced, and the main position shows that the main position reduction of the long party is less than the main position reduction of the short force, and the long party has the advantage
.
The indicator MACD hovered low, the green bar flattened and there were signs of divergence, and the KDJ indicator recovered slightly and there were also signs of
divergence.
Shows signs
of overselling in the short term.
Operationally, there may be a rebound demand in the short term, and investors can close the short orders in their hands
.