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PP market narrow adjustment merchants purchase on demand

 Last Update: 2022-12-06
 Source: Internet
 Author: User

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On July 13, PP futures stopped rallying, but petrochemical prices remained firm to support the market
.
Today's PP market is dominated
by narrow adjustments.

PP market

In crude oil, crude oil futures rose slightly on Wednesday (July 12) as U.
S.
crude inventories fell and intraday trading was volatile
.
The NYMEX August crude futures contract closed up $0.
45, or 1 percent, at $45.
49 a barrel
.
September Brent crude futures rose $0.
22, or 0.
5 percent, to settle at $
47.
74 a barrel.

In the spot market, the domestic PP market was dominated by a narrow consolidation on July 13
.
PP petrochemical prices were firm, and prices of CNPC Southwest, CNPC East China and Sinopec South China continued to rise
.
However, PP futures are no longer strong, once falling below the 8,000 mark in early trading, and the closing price was 8,020 yuan / ton, down 1.
09%.

It is difficult to benefit the spot market, today's mainstream price of wire drawing in North China market is 7800-7950 yuan / ton, the mainstream price of wire drawing in East China market is 7850-8050 yuan / ton, and the mainstream price of wire drawing in South China market is 8000-8100 yuan / ton
.

At present, the trend of PP futures is uncertain, the downstream terminal is cautious, and the buying is mainly based on on-demand procurement, and it is expected that the PP market will be dominated by narrow consolidation in the short term
.

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