Liansu fell slightly LLDPE gains were limited

News: The apparent consumption of PE in August 2019 was 2.
8902 million tons/month, an increase of 1.
22%
over the previous month.
The apparent consumption of HDPE was 1.
316 million tons/month, the apparent consumption of LLDPE was 1.
070 million tons/month, and the apparent consumption of LDPE was 504,200 tons/month
.

Domestic traders traded steadily, with a linear quotation of $880/mt for November sailing schedules, unchanged
from last week.
Due to the small arrival of imported goods in the first half of the year, port inventories are also in a state of continuous decline, with a large decline compared with last year
.
Low inventory proves that traders operate lightly and have a strong risk aversion
.
Arrivals will increase in the latter half of the year, and changes in international trade relations and geopolitical situations will also bring uncertainty
.

Spot market: domestic polyethylene market price adjustment
.
In terms of petrochemicals, the sales company's low-pressure price adjustment, linear and high-pressure prices are mostly stable
.
The attitude of merchants is wait-and-see, the offer is mixed, the actual order negotiation is the mainstay, and the transaction atmosphere is weak
.
As of the noon close, the North China and East China markets adjusted 50-100 yuan / ton; The South China market rose slightly by about
100 yuan / ton.

Warehouse receipt inventory: exchange warehouse receipt reported 2036 lots, intraday - 40 lots; In the historical median zone
.
Main position: The top 20 long positions in the main contract are 198426 lots, -486 lots, short positions are 207413 lots, -361 lots, net positions are -8987 lots, net short increases
.

Summary: The easing of the Sino-US trade dispute has led to a return
to market confidence.
The explosion of an Iranian oil tanker has raised investors' concerns
about the supply of crude oil to the market.
After the long holiday, driven by the replenishment of downstream enterprises, the petrochemical inventory of the two barrels of oil fell more obviously
.
Spot prices stopped falling and rebounded
.
The downstream agricultural film gradually entered the peak season, and the start of construction increased significantly, these factors have some support for LLDPE, however, international crude oil has signs of stagflation in the short term, and the trend of Asian ethylene continues to be weak, which is expected to limit the growth of LLDPE
.
Operationally, investors should
operate in the 7380-7530 range.