PP narrow finishing volume and position volume have shrunk sharply

News: Most PetroChina regions have lowered ex-factory prices, the cost support effect on the market continues to weaken, the mentality of the industry is not good, traders actively let profit sales to facilitate transactions, maintain low inventory operations
.
Downstream enterprises are bearish on the future market, the willingness to stock is low, and the transaction is mainly
based on rigid demand.
CNPC North China low melting copolymerization was reduced by 100 yuan / ton, CNPC East China Fiber was reduced by 100 yuan / ton, and CNPC Northeast injection molding and fiber decreased by 100 yuan / ton
.
Most of the pricing of CNPC Southwest PP granules was lowered
.

Raw material price: naphtha CF Japan reported 637.
12 US dollars / ton, -0%; FOB Singapore is trading at $69.
08/b, -0%.

ethylene CFR Northeast Asia 990 USD/tonne, -0%; CFR Southeast Asia is trading at $910/mt, -0%.

South Korea's FOB propylene price is 1070 US dollars / ton, -1.
83%, and the domestic propylene price is 9000 yuan / ton, +0.
56%.

Spot price: Southeast Asia reported $1260, +0%; The Far East was quoted at $1220/mt, -0%.

Domestic: North China Qilu reported 10450 yuan, -0.
48%; East China Sanyuan 10,500 yuan, -1.
41%; South China Maoming 10730 yuan, -0.
19%.

PP1901 was sorted out in a narrow range, and the trading volume and position volume shrank
sharply.
Fundamentally, the low level of social inventory, the supply pressure is not large, the price is not supported, but crude oil pullback, spot and propylene prices loosened, downstream enterprises are not active in taking goods, and the market transaction is light to suppress
the price.

Technically, the MACD shock retreated, but KDJ showed signs of flattening lows, indicating a slowdown
in the decline.
In terms of operation, it is recommended that investors set a take profit in their hands and hold
them cautiously.