Liansu weak downside Upper pressure remains

News: March 25 Maoming Petrochemical PE plant production dynamics: 110,000 tons/year 1# high-pressure production 951-050; 250,000 tons/year 2# high pressure production 2426K; 220,000 tons/year full-density unit output 2720A; 350,000 tons/year high-density plant produces TR580M
.
Maoming Petrochemical's original maintenance plan for April is now expected to be postponed to the end of June or July, and the specific time is undecided
.

Shenhua Coal Chemical Linear intraday bidding volume was 1300 tons, the transaction volume was 210 tons, and the transaction rate was 16.
65%; High-pressure auction 286 tons, volume 0 tons, transaction rate 0%; The low-pressure auction was 390 tons, and 74 tons were sold, with a transaction rate of 18.
97%.

Xinjiang high-pressure auction 50 tons, no deal
.

Spot market: The domestic polyethylene market continued to decline
.
The low-pressure opening price of the main regional sales company was partially reduced, linear futures continued to decline, merchants were pessimistic, more low to find transactions, and the real market was light
.
As of the noon close, the North China market fell 30-70 yuan / ton; East China fell 50-200 yuan / ton; South China fell around 50 yuan / ton
.

Warehouse receipt inventory: exchange warehouse receipts reported 592 lots, intraday -0 lots
.
Main position: The top 20 long positions in the main contract are 102118 lots, -1446 lots, short positions are 120439 lots, +1528 lots, net positions are -18321 lots, net space increases
.

Summary: The accelerated spread of the overseas epidemic has caused market panic, and the absolute value of the domestic two barrels of oil and petrochemical inventories is still high, indicating that downstream demand has not fully recovered, crude oil is running weakly, and Shenhua online auction trading volume is still in the historical low area, which suppresses
the price of polyethylene to a certain extent.
However, the Fed's opening of the unlimited QE mode has boosted market confidence to a certain extent, and it is not ruled out that there will be follow-up stimulus policies in the United States that also give the market hope, and the market will focus on whether crude oil can stop falling and rebound
.
In terms of operation, it is recommended that investors close short orders in their hands to close the dip, and pay attention to the long opportunities
of the 2009 contract in the future.