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The PP1901 contract opened at 10,480 yuan, the highest was 10,498 yuan, the lowest was 10,305 yuan, and it closed at 10,440 yuan, down 114 yuan, or 1.
08%.
The trading volume was reported 544704 lots, and the position decreased by 38862 lots to 535732 lots
.
News: Borealis recently announced that it will invest 1 billion euros in Antwer, Belgium, to build a new "world-class" propane dehydrogenation (PDH) plant
.
The PDH plant has a capacity of 750,000 tons/year and is scheduled to start operations
in the second half of 2022.
Another company is Dow Chemical: the company said in May last year it would build a 450,000-tonne/year polyolefin plant in the region to serve the high-pressure pipeline market
.
Last June, INEOS also announced plans to build a global-scale PDH plant
in Europe.
The plant will produce 750,000 tonnes of propylene
per year for INEOS in continental Europe.
INEOS currently produces nearly 4.
5 million tonnes of ethylene and propylene
annually in Europe.
Raw material price: naphtha CF Japan reported 716.
38 US dollars / ton, -0.
88%; FOB Singapore is trading at $77.
86/b, -0.
98%.
ethylene CFR Northeast Asia 1160 US dollars / ton, +0%; CFR Southeast Asia is trading at $1,060/mt, +0%.
South Korea's FOB propylene price is 1135 US dollars / ton, +0%, and the domestic propylene price is 10175 yuan / ton, +0.
26%.
Spot price: Southeast Asia quoted $1250, +0.
81%; The Far East was quoted at $1250 / mt, +0.
40%.
Domestic: North China Qilu reported 11,000 yuan, +0%; East China Sanyuan 11200 yuan, -0.
44%; South China Maoming 11500 yuan, -0.
86%.
PP1901 rebounded from the low, and the trading volume was amplified, but the position volume shrank sharply, indicating that some long funds left the market
in profit.
Fundamentally, the sharp decline in the global stock market has hit the confidence of market investors to a certain extent, but the management tax cuts and RRR cuts have boosted the market to a certain extent, and the continued rise in spot prices has also formed a strong support
for futures prices.
Technically, the MACD continues to move higher, but the KDJ indicator shows signs of flattening highs, indicating that bulls still have the initiative
.
Operationally, it is recommended that investors wait and see for the time being
.
