LLDPE price rebound low The rebound trend is expected to continue

News: 1.
Port inventories were stable this week, with a total of 348,400 tons as of August 30, unchanged from last week and 55,600 tons
from the same period last year.

2.
Longzhong Information reported on September 2 that Fushun Petrochemical PE plant: full-density plant production 2911; Linear unit converted to 7042N; The new low-voltage unit is produced 7260
.

3.
On August 28, Sasol South Africa announced that its new world-class ethane cracking plant in Lake Charles, USA, achieved 72-hour stable operation and was officially put into operation
on August 27.
Sasol's ethane cracker in Lake Charles uses Technip Stone & Webster technology and has a design capacity of 1.
54 million tonnes/year, the largest
in the world.

Upstream raw materials market: The price of naphtha in the Japanese market fell slightly to $466.
75/ton, -0.
38
.
The ethylene Asian market is quoted in Northeast Asia at $890/ton, 0; in Southeast Asia, it is $830/ton, 0
.

Spot market: The domestic LLDPE spot market is mixed
.
North China market down 50 yuan / ton, the mainstream price is 7150 yuan / ton, -50; East China market price increased 50-100 yuan / ton, the mainstream quotation is 7300 yuan / ton, +100; South China market down 100-150 yuan / ton, the mainstream price is 7450 yuan / ton, 0
.

Warehouse receipt inventory: exchange warehouse receipt reported 3653 lots, +0 lots within the day; It is in the all-time high zone
.
Main position: The top 20 long positions in the main contract are 268293 lots, -8873 lots, short positions are 319970 lots, -7945 lots, net positions are -51677 lots, net short increases
.

Summary: Traders' inventories rose in a narrow range, and merchants still have pressure
to destock.
This week, China Coal Yulin and Shanghai Petrochemical have start-up plans, and supply is expected to further increase
.
Downstream agricultural film orders gradually followed, with an increase of 9.
85%, and the operating rate increased by 1%, with limited
growth.
There is no significant improvement in the supply and demand problems, and the driving force for price upward is insufficient
.
L2001 contract volatility higher, price low rebound, KDJ indicator low convergence to form a golden cross, above pay attention to the pressure around 7250, it is expected that the rebound trend will continue, it is recommended that short orders in hand can be closed on the dip
.