Lower crude oil weighed on PP prices

News: PetroChina, Sinopec factory prices continue to reduce by 100 yuan / ton, cost support further weakened, two barrels of oil inventory is high, market supply pressure is large, coupled with crude oil plunge, futures open low and go low, merchants are willing to ship, offer to let profits follow the fall of shipments, downstream wait-and-see atmosphere is strong, continue to just need to purchase, the overall market trading is light
.

Raw material price: naphtha CF Japan reported 546.
12 US dollars / ton, +0.
16%; FOB Singapore is trading at $58.
49/b, +0.
38%.

ethylene CFR Northeast Asia 1040 USD/ton, +0.
97%; CFR Southeast Asia is trading at $950/mt, +1.
06%.

South Korea's FOB propylene price is 900 US dollars / ton, -0%, and the domestic propylene price is 8325 yuan / ton, -0.
12%.

Spot price: Southeast Asia reported $1220, -0%; The Far East was quoted at $1150/mt, -0%.

Domestic: North China Qilu no quotation; East China Sanyuan 9500 yuan, -4.
52%; South China Maoming 10350 yuan, -0.
48%.

Affected by the heavy decline in crude oil and market panic, PP1901 opened low and went low, closed at a new low, and the position decreased significantly, indicating that the market is sluggish
.

Fundamentally, crude oil is lower, propylene is weak, which suppresses PP prices, loose spot market prices, and light transactions also suppress
prices.

Technically, the MACD volatility is lower, and the KDJ is also hovering low, indicating that the short-term trend is still weak
.
But the short-term decline is too fast, and there should be a
need for a rebound tomorrow.
In terms of operation, it is recommended that investors take advantage of the short order in their hands to reduce their holdings and put their pockets in peace
.