PP opens high and goes low, and the position volume has been greatly reduced

News: The price of PP granules in Qilu Chemical City fell, the merchants offered part of the profit, the mainstream quotation of wire drawing was 9000-9250 yuan / ton, and the real transaction was negotiated
.
The market price of Yuyao PP is adjusted by 20-100 yuan / ton, some merchants make profits to promote transactions, the market wait-and-see atmosphere is strong, and the buying order needs to replenish the warehouse
.
The price of Shantou PP market excluding tax partially fell, the market wait-and-see was obvious, and the terminal transaction was general
.

Raw material price: naphtha CF Japan reported 620.
88 US dollars / ton, down 4.
99%; FOB Singapore was trading at $68.
43 a barrel, down 4.
81%.

South Korea's FOB propylene price was 1070 US dollars / ton, flat, and the domestic propylene price was 8410 yuan / ton, down 40 yuan
.

Spot price: Southeast Asia was flat at $1305; The Far East was flat at $1,250 / ton
.
Domestic: North China Qilu 9200 yuan / ton, flat; East China Sanyuan 9220 yuan / ton, down 80 yuan; South China Maoming no quote.

The PP1809 contract opened high and went low, and the position volume decreased significantly, indicating that the flight of long funds was obvious
.
On the fundamentals, long and short coexist, the peak of device maintenance, the decline in social inventory and the futures price have produced certain support, but the escalation of the Sino-US trade war and the loosening of spot prices have put certain pressure
on prices.

On the technical side, the MACD dead fork is downward, and the KDJ continues to oscillate to the downside, indicating that there is still a short-term correction to peel off
.
In terms of operation, stable investors can reduce their short orders at low prices, and aggressive investors can set short orders to take profit and hold
cautiously.