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PP opens high and goes low, and the transaction position is double-reduced

 Last Update: 2022-12-09
 Source: Internet
 Author: User

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plant market

tough spot

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Market situation: PP1805 contract opened at 8720 yuan / ton, the highest 8752 yuan / ton, the lowest to 8667 yuan / ton, closed at 8697 yuan / ton, up 31, or 0.
36%.

The volume decreased to 239,000 lots, and the open position decreased by 1,778 lots to 445,000 lots
.

News: Qilu Petrochemical (70,000 tons/year) plant produces QP73NKJ and plans to switch to EPS30RA.

Raw material prices: Japan naphtha CF Japan was at $577 / ton, up $4.
5; naphtha FOB Singapore was at $62.
96 / barrel, up $
0.
51.
Domestic propylene price 7275 yuan / ton, flat
.

Spot prices: Foreign spot market prices fell, the Far East was quoted at $1200/ton, down 10, and China's CIF price was $1200/ton, down 10
.
Falling prices in the domestic market; North China Qilu 8600 yuan / ton, down 50; East China Ningbo 8600 yuan / ton, down 100; South China Maoming reported 9100 yuan / ton, down 50
.

Futures prices opened high and low, because petrochemical factory prices supported the decline in spot prices, terminal starts were general, market transactions were light, and the speed of destocking was slow
.
Inventories remain high, weighing on prices, and short-term prices will continue to fall under pressure
.

On the technical side, many daily lines above the PP1805 contract are systematically suppressed, and it is possible to continue to probe down to find support levels, the first support level is 8600.

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