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PP increased positions downward and maintained weak volatility in the short term

 Last Update: 2022-12-05
 Source: Internet
 Author: User

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The PP1709 contract opened at 8053 yuan / ton, the highest was 8092 yuan / ton, the lowest was 7977, and it closed at 7996, down 151, or 1.
85%
on a daily basis.
The trading volume decreased to 289,400 lots, and the open position increased by 42,956 lots to 372,300 lots
.

Raw material price: Japan naphtha CF Japan reported 493.
12 yuan / ton, up 3; Naphtha FOB Singapore was trading at $53.
65 a barrel, up 0.
34
.
ethylene CFR Northeast Asia 1165 US dollars / ton, flat; CFR Southeast Asia was flat at $1,040/mt
.
The CIF price of propylene in China was $840/ton, down 10
.

Spot prices: foreign spot market prices were flat, the Far East was flat at $1025 / ton, flat, and China's CIF price was flat at $1025 / ton
.
Prices in the domestic market rose slightly; East China Ningbo 8100 yuan / ton, flat; South China Maoming reported 8600 yuan / ton, unchanged
.

News side: 1.
Zhongtian Hechuang 350,000 tons/year PP ring pipe device produces T30S, gas phase device (350,000 tons/year) starts up production S1003
.

The equipment entered the maintenance season, the overall operating rate fell, and the market supply growth slowed down, but the social inventory remained high, coupled with the poor impact of downstream injection molding demand, the upward momentum of the futures price was limited
.
Technically, PP1709 contract increased positions downward, above test the pressure around 8200, lower test around 7850 support, short-term or maintain weak volatility, it is recommended to continue to hold the range of high short trading strategy
.

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