Liansu fell slightly, and the position volume recovered slightly

News: As of July 25, PE social inventories fell -2.
6% from last week and 35.
6%
higher than the same period last year.
At present, the pressure of petrochemical inventories is not large, the inventory of sample enterprises fell by 11.
4% from last week, and the current two barrels of oil inventory is below 700,000 barrels, and the inventory of coal enterprises has also fallen by 19.
98% from last week, so the inventory pressure of production enterprises is not large, but the port inventory is high, and the intermediate link inventory digestion is relatively slow
.

Raw material price: naphtha CF Japan reported 660.
12 US dollars / ton, up 0.
99%; FOB Singapore was trading at $72.
51 a barrel, up 0.
97%.

ethylene CFR Northeast Asia 1364.
5 US dollars / ton, flat; CFR Southeast Asia was flat at $1250/mt
.

Spot price: Southeast Asia reported $1125, down $5; Far East reported 1110 yuan / ton, unchanged
.
Domestic price: North China Daqing reported 9500 yuan, flat; East China Yuyao reported 9,500 yuan, flat; South China Guangzhou 9500 yuan, flat; Northwest Dushanzi 9550 yuan, flat
.

The Liansu 1809 contract fell slightly, and the position volume recovered slightly (the main force currently shows signs of moving the 1901 contract).

Fundamentally, naphtha and spot trends are firm, and the equipment maintenance period has formed a certain support for prices, but downstream demand is sluggish, and the slow decline in social inventories has suppressed them to a certain extent
.

Technically, the MACD indicator red bar flattened, the KDJ indicator showed a top divergence, and there may be a technical adjustment
in the short term.
In terms of operation, it is recommended that investors reduce their holdings
by taking advantage of the high.