PP opens low and goes high, and intraday positions are significantly reduced

News: In February, the PP import cost structure of 1200-1300 US dollars / ton continued to rank first, accounting for a decrease of 3 percentage points month-on-month, and the import volume was about 50,000 tons, shrinking by about 41,800 tons
.
In this range, South Korea, Singapore and Saudi Arabia are the top three
separately.
Among them, South Korea's import volume was about 14,300 tons, a month-on-month decrease of about 26,300 tons
.
Singapore's import volume was about 12,200 tons, which contracted by about 08,200 tons
month-on-month.

Raw material prices: naphtha CF Japan reported 602.
5 US dollars / ton, up 0.
23%; FOB Singapore was trading at $66.
1 a barrel, up 0.
39%.

South Korea's FOB propylene price was $1010 / ton, down $10, and domestic propylene was 7430 yuan / ton, flat
.

Spot prices: Southeast Asia was at $1230/ton, down $10, and China's CIF price was flat at $1185/ton
.
North China CNPC T30S reported 8500 yuan / ton, up 50 yuan; East China Shaoxing Sanyuan T30S reported 8600 yuan / ton, flat; South China Maoming T30S reported 9050 yuan / ton, up 100 yuan
.

The PP1805 contract opened low and went high, and the intraday position was significantly reduced, indicating that there were short funds taking profits
.

Fundamentally, the slow digestion of traders' inventories, and the sluggish demand of downstream products enterprises have suppressed prices to a certain extent, but after a continuous decline, there are signs of
overselling in the short term.

Technically, MACD is expected to turn low, KDJ indicator golden cross upward, short-term may need
to rebound.
Operationally, it is recommended that investors reduce their positions on short orders in their
hands.