PP below the support is strong, long orders are held cautiously

News: Shenhua coal chemical PP bid 3425.
225 tons today, an increase of 423.
225 tons from yesterday; the trading volume was 2455.
75 tons, an increase of 483 tons from yesterday, and the transaction rate was 71.
7%, an increase of 5.
98%
from yesterday.

Spot market: CNPC Northeast thin-wall injection molding and transparent injection molding reduced by 100 yuan / ton; Petrochemical East China medium and high melting copolymerization decreased by 100 yuan / ton, transparent decreased by 100 yuan / ton, fiber increased by 100 yuan / ton, and Yangzi pipe decreased by 100 yuan / ton
.
The spot market maintained high volatility, merchants actively shipped, downstream still resisted high prices, low-price transactions were the mainstay, and the overall atmosphere was light
.
The mainstream quotation of wire drawing is 7600-7900 yuan / ton
.

Warehouse receipt inventory: Exchange warehouse receipts reported 335 lots, today -0 lots
.

Main position: The top 20 long positions in the main contract are 289612 lots, +17265 lots, short positions are 243689 lots, +15763 lots, and the net position is 45923 lots, a net long increase
.

As the overseas epidemic has eased, the deregulation of many countries has boosted market confidence, and the extension of production cuts by major oil-producing countries has supported
the market.
Fundamentally, the significant increase in cracker production in Asia in June is expected to suppress
the price of propylene.
The operating rate of domestic polypropylene enterprises rebounded slightly last week, and it is expected that the operating rate will continue to rise this week, and domestic supply may increase
.
However, the trend of crude oil is firm, and the trading volume of Shenhua's online auction has rebounded significantly, which has formed a certain support
for the price.