LLDPE volatility closed lower Focus on the support level below

Raw material prices: Japan naphtha CF Japan reported 510.
25 yuan / ton, up 2.
75; naphtha FOB Singapore reported 55.
45 US dollars / barrel, up 0.
3
.
ethylene CFR Northeast Asia 1375 US dollars / ton, flat; CFR Southeast Asia was flat at $1145/mt
.

Spot price: foreign spot market prices fell, the Far East reported 1140 yuan / ton, down 10, the Middle East reported 1128 yuan / ton, down 10
.
The market price was basically flat, North China Daqing reported 9750 yuan / ton, flat; East China Yuyao Jilin Petrochemical 9850 tons, flat; South China reported 9850 yuan / ton, flat
.
Northwest Dushanzi reported 9700 yuan / ton, unchanged
.

News: 1.
Port inventories have fallen, but due to the limited decline, the warehouse capacity of major ports is still tight, as of February 24, Shanghai port inventories fell to about 274,000 tons; Huangpu port inventories remained at 71,000 tons; Tianjin port inventories were 70,000 tons
.

Summary of views: short-term inventory pressure is large, terminal purchasing willingness is not strong, suppressing market prices, but near the end of the month, I heard that some sales companies of Sinopec required contract households to perform 100% of the billing task this month, affected by this policy, short-term petrochemical inventory pressure has been slightly alleviated, today petrochemical pricing stabilized, but this part of the inventory transferred to contract traders, the overall social inventory pressure is still relatively large, pay attention to the later demand and equipment maintenance inventory digestion capacity
。 Technically, the LLDPE1705 contract closed in volatility, testing pressure around 9800 above, testing the first support level of 9600 below, and looking further at 9300 if it falls below 9600
.