PP Narrow Finishing The short-term pattern has weakened

News: As of September 21, the capacity utilization rate of petrochemical PP enterprises nationwide was 89.
6%, down 0.
7%
from last week.
Regionally, the load of Zhenhai Petrochemical and Jiujiang Petrochemical in East China returned to normal, and the temporary failure of Yangzi Petrochemical was temporarily stopped, and the load decreased.
The Fujian United Second Line in South China temporarily stopped on the 18th, drove on the 25th, and stopped at Zhongjing Petrochemical on the 19th, and the capacity utilization rate decreased
.
In other regions, the operation of petrochemical plants is stable, and the capacity utilization rate has not changed much
.

Raw material price: naphtha CF Japan reported 699.
25 US dollars / ton, up 1.
16%; FOB Singapore was trading at $76.
42 a barrel, up 1.
18%.

ethylene CFR Northeast Asia 1300 US dollars / ton, flat; CFR Southeast Asia was flat at $1160/mt
.
South Korea's FOB propylene price was 1135 US dollars / ton, flat, and the domestic propylene price was 9655 yuan / ton, flat
.

Spot price: Southeast Asia was flat at $1235; The Far East was flat at $1230/mt
.
Domestic: North China Qilu reported 10,580 yuan, up 80 yuan; East China Sanyuan 10,500 yuan, up 50 yuan; South China Maoming 10,500 yuan, down 100 yuan
.

PP1901 was sorted out in a narrow range, and the position continued to decrease, and the short-term pattern weakened
.
Fundamentally, the spot supply is tight, and the strong price has formed a certain support for the futures price, but the short-term rally is too hasty to put certain pressure
on the futures price.

Technically, the MACD indicator has flattened the central axis, the red bar has shortened, and the KDJ indicator has signs of a high dead cross, indicating that the rebound momentum has slowed down
.
The market pays attention to the pressure of the 9950 line, and operationally, investors have more than one take profit in their hands and hold
it cautiously.