Inventories remain high PP range volatility

Raw material prices: Japan naphtha CF Japan reported 457.
62 yuan / ton, down 6.
63; naphtha FOB Singapore reported 49.
27 US dollars / barrel, down 0.
75
.
ethylene CFR Northeast Asia 1210 US dollars / ton, down 10; CFR Southeast Asia was flat at $1,100/mt
.
The CIF price of propylene in China was $925 / ton, down 17
.

Spot prices: foreign spot market prices are basically flat, the Far East is flat at $1030 / ton, and China's CIF price is flat at $1030 / ton.

rising prices in the domestic market; East China Ningbo 8200 yuan / ton, flat; South China Maoming reported 8400 yuan / ton, flat
.

News side: 1.
In this week, the main domestic petrochemical inventory decreased by about 1.
16% compared with the previous cycle, and the intermediate inventory increased by 0.
12%
compared with the previous cycle.

Upstream crude oil and methanol prices fluctuated, weakening the cost support of polypropylene
.
In mid-to-late March, although the maintenance of the plant gradually increased, and the downstream rigid demand rebounded slightly, the short-term social inventory digestion was slow and remained high, and the stone is expected to suppress the upside of prices
.
The future market pays attention to the enthusiasm of taking goods downstream and market supply after the price falls, and expects the short-term futures price to maintain a range adjustment
.
Technically, the PP1705 contract tests the pressure around 8400 above and the 8000 integer mark support below, and is expected to maintain a short-term oscillation in the 8000-8400 range, and range trading
is recommended.