PP closed slightly lower Watch for support below

Raw material prices: Japan naphtha CF Japan reported 509.
5 yuan / ton, up 6.
75; naphtha FOB Singapore reported 55.
35 US dollars / barrel, up 0.
87
.
ethylene CFR Northeast Asia 1385 US dollars / ton, flat; CFR Southeast Asia was trading at $1145/mt, down 5
%.
The CIF price of propylene in China was 1005 US dollars / ton, flat
.

Spot prices: foreign spot market prices are basically flat, the Far East is flat at $1030 / ton, and China's CIF price is flat at $1030 / ton.

The domestic market price fell, North China Qilu Petrochemical 8800 yuan / ton; East China Ningbo 8600 yuan / ton, down 100; South China Maoming reported 8800 yuan / ton, down 50
.

News side: 1.
In this week, the domestic major petrochemical inventory increased by about 10% compared with the previous cycle, and the intermediate inventory increased by 9%
compared with the previous cycle.

Short-term downstream starts have rebounded, but raw material prices have fallen, the market is not highly motivated to take goods, mostly to digest the previous inventory, social inventory continued to increase this week, but the increase has slowed down, the future market focuses on demand and inventory digestion, short-term is expected to maintain low volatility
.
Technically, PP1705 contract reduced positions to close slightly lower, some bears took profits, short-term, above to test pressure around 8800, below focus on the first line support level of 8600, if the futures price fails to hold 8600, then look further to 8300
.