PP bottomed out and rebounded, and the amount of positions decreased significantly

News: Sinopec, PetroChina PP prices have continued to fall, ranging from 50-300 yuan / ton, market cost support continues to weaken, and yesterday's crude oil closing plunge and futures low opening shock lower, all to inhibit the market operation mentality, the industry is not confident in the future market, continue to let profit shipments reduce positions, downstream wait-and-see situation is becoming more and more intense, the market real order transaction is lacking
.

Raw material price: naphtha CF Japan reported 547.
25 US dollars / ton, +0.
71%; FOB Singapore is trading at $58.
53/b, +0.
81%.

ethylene CFR Northeast Asia 950 USD/mt, +1.
06%; CFR Southeast Asia is trading at $860/mt, +0%.

South Korea's FOB propylene price is 990 US dollars / ton, -1%, and the domestic propylene price is 8175 yuan / ton, -1.
97%.

Spot price: Southeast Asia quoted $1240, -0%; The Far East was quoted at $1180/mt, -1.
67%.

Domestic: North China Qilu reported 9950 yuan, -0.
50%; East China Sanyuan 10050 yuan, -0.
99%; South China Maoming 10550 yuan, -0.
94%.

PP1901 bottomed out, trading volume increased sharply, and positions decreased
significantly.
Fundamentally, crude oil fell heavily, propylene was weak, suppressing PP prices, coupled with light trading in the spot market and a pervasive bearish atmosphere, all suppressed
prices.

Technically, the MACD oscillation is lower and the KDJ is hovering low, indicating that the short-term trend is still weak
.
However, from the moving average system, today's futures price bottomed out after falling below the annual line, indicating that the annual line has some support
.
Operationally, it is recommended that investors leave the market
with short orders in their hands.