Liansu contract rebounds from the low The room for rebound may be limited

News: Shenhua coal chemical linear intraday bidding volume of 650 tons; The transaction volume was 0 tons, the high-pressure bidding volume was 373 tons, the transaction was 0 tons, and the low-pressure bidding volume was 150 tons, and the transaction volume was 0 tons
.

The PE inventory of domestic polyethylene enterprises (oil + coal) rose sharply this cycle, up 135.
94%
from before the holiday.
In terms of varieties, LDPE inventories increased by 127.
11% compared with before the holiday; HDPE inventory rose 94.
43% from before the holiday; LLDPE inventories rose 209.
02%
from pre-holiday levels.
The total inventories of the two barrels of oil PE rose widely, up 142.
04%
from the previous holiday.
Among them, Sinopec's PE inventory increased by 260.
82% compared with the pre-holiday period; CNPC PE inventories rose 98.
32%
month-on-month.
The PE inventory of coal-based enterprises increased by 118.
28%
from the pre-holiday period.
Among them, LDPE inventory increased by 97.
31% compared with the pre-holiday period; HDPE inventories rose 40.
35% from pre-holiday levels; LLDPE inventories rose 193.
08%
month-on-month.
Traders' PE inventories rose 78.
07%
month-on-month from pre-holiday levels.

Spot market: The domestic polyethylene market continued to decline
.
The price of the sales company is temporarily stable, and the linear futures are weak and volatile, because most downstream enterprises have not yet resumed work, and the logistics and transportation resistance is large, the spot market transaction is light, and the real price is mostly negotiable
.
As of the midday close, the North China, East China and South China markets were 50-100 yuan / ton
lower.

Warehouse receipt inventory: exchange warehouse receipts reported 2742 lots, intraday -0 lots
.
Main position: The top 20 long positions in the main contract are 1169982 lots, -1941 lots, short positions are 225119 lots, +503 lots, net positions are -55137 lots, net short increases
.

Summary: After the holiday, the inventory of domestic polyethylene enterprises rose sharply, and petrochemical enterprises mainly reduced prices to promote inventory, and spot prices fell
.
In the spot market, Shenhua polyethylene online auctions are all streamed, showing that downstream demand is sluggish, and traders and demanders have no willingness to
purchase.
In terms of demand, PE downstream enterprises basically drove after the Lantern Festival on the 15th of the first month, so downstream demand will fall
back this week.
It is expected that the supply pressure of the polyethylene market will be large, and the room for rebound may be limited
.