PP fell slightly, and holdings shrank

News: As of July 25, PP's domestic major petrochemical and petroleum inventories increased by 6.
69% from last week, traders' inventories decreased by 1.
67% from last week, and overall inventories increased by 4.
87%
from last week.
This week, the futures are strongly sorted, the petrochemical billing is normal, the agent is more active in opening orders to complete the planned sales, the market operation enthusiasm is acceptable, and the terminal just needs to replenish the warehouse
.
However, sales in South China were controlled, and the operating rate did not decline, driving the overall increase in social inventory
.

Raw material price: naphtha CF Japan reported 647.
38 US dollars / ton, up 0.
6%; FOB Singapore was trading at $71.
12 a barrel, up 0.
54%.

South Korea's FOB propylene price was 1060 US dollars / ton, flat, and the domestic propylene price was 8475 yuan / ton, flat
.

Spot price: Southeast Asia reported $1230, down $10; The Far East was flat at $1,205 /
tonne.
Domestic: North China Qilu 9300 yuan, flat; East China Sanyuan 9500 yuan, flat; South China Maoming 9700 yuan, flat
.

The PP1809 contract fell slightly, and the position shrank.

During the maintenance period of the device, the decline in social inventory, and the firm spot price supported the price, but the escalation of the Sino-US trade war produced certain pressure
.

On the technical side, the MACD red column is flat, the KDJ indicator shows signs of divergence, and there may be a technical correction
in the short term.
In terms of operation, it is recommended that investors reduce their holdings in the hands of high positions, and those who are short positions do not chase higher
for the time being.