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Market conditions: Liansu slightly lower, L2001 main contract slightly lower, futures price closed at 7235 yuan / ton, -25 yuan from the previous trading day; Volume 378974 lots, -80354 lots; Position 631316 lots, +12458 lots, basis 65 yuan, +25 yuan; 1-5 spread 75 yuan, -0 yuan
.
News: the production ratio of various varieties of domestic polyethylene equipment has been adjusted, the proportion of low-pressure wire drawing, low-pressure hollow and shutdown production has decreased, and the production ratio of low-pressure pipe, high-pressure film material and linear film has increased
.
The daily production ratio of linear film increased from the previous day, an increase of 1.
07%; The daily production ratio of metallocene is temporarily stable
compared with the previous day.
Spot market: The domestic polyethylene market is volatile and narrow.
The selling company's low-voltage product opening price was partially reduced, and the linearity and high voltage were basically stable
.
Linear futures fluctuated slightly, merchants waited and watched, and the offer was adjusted in a narrow range, with a range of 50 yuan / ton, and the real transaction was mainly
on demand.
As of the noon close, the North China market adjusted around 50 yuan / ton; The East China market rose slightly by 50 yuan / ton; The South China market is temporarily stable
.
Warehouse receipt inventory: exchange warehouse receipt reported 1283 lots, intraday - 79 lots; In the historical median zone
.
Main position: The top 20 long positions in the main contract are 194085 lots, +1221 lots, short positions are 217936 lots, +9038 lots, and the net position is -23851 lots, with a net increase
in net shorting.
Summary: Crude oil stopped falling and stabilized, the Sino-US trade dispute showed signs of easing, and after entering late October, the downstream demand for plastics gradually recovered
.
This has some support for LLDPE, however, the International Monetary Fund lowered the global economic growth rate in 2019 to 3%, the lowest growth rate in 10 years, which hit market confidence, and the second round of environmental inspections opened, downstream enterprises were cautious in purchasing, and domestic PE social inventories rebounded
slightly.
In addition, ethylene prices in Asia also maintained their trend and continued to weaken, which is expected to suppress
LLDPE.
It is expected that Liansu may maintain a range-bound pattern
.
Operationally, it is recommended that investors wait and see for the time being
.
