Liansu rebounded slightly, and inventory digestion was slow

News: The total import of PE in February 2018 was 777,800 tons, down 39.
65% month-on-month and 38.
85%
year-on-year.
The cumulative import volume for the whole year was 2.
0668 million tons, an increase of 7.
2%
year-on-year.
PE exports in February were 10,100 tons, down 40.
59% month-on-month and 53.
45%
year-on-year.
The cumulative export volume for the whole year was 27,100 tons, a year-on-year decrease of 28.
87%.

Raw material prices: naphtha CF Japan reported 602.
5 US dollars / ton, up 0.
23%; FOB Singapore was trading at $66.
1 a barrel, up 0.
39%.

ethylene CFR Northeast Asia 1385, flat; CFR Southeast Asia was flat at $1285/mt
.

Spot price: Far East reported 1160 yuan / ton, flat, Southeast Asia reported 1190 yuan / ton, down $
20.
North China Tianjin Daqing reported 9220 yuan / ton, up 20 yuan; East China Yuyao Daqing Petrochemical 9400 tons, flat; South China Guangzhou Maoming reported 9350 yuan / ton, flat; Northwest Dushanzi reported 9500 yuan / ton, unchanged
.

Liansu 1805 contract rebounded slightly, intraday position reduction is obvious, indicating that there are short funds profit-taking, but the final closing is still below the 10-day line, although the short-term pattern has improved, it is still necessary to pay attention to the follow-up trend
.

Fundamentally, the slow digestion of inventories and weak downstream demand have formed a certain suppression of futures prices, but crude oil fluctuates at a high level, and Asian ethylene prices may form support
.

Technically, the current upper moving average still has some pressure on the LLDPE1805 contract, but the MACD and KDJ indicators have signs of divergence, indicating that there is still a
need for a rebound in the short term.
Operationally, investors can build a light position and grab a rebound when they fall sharply, with a stop loss of 9100 yuan
.