PP opens low and goes high, and the market transaction is light

News: The domestic PP market is declining, with a range of 150-350 yuan / ton
.
Petrochemical plants have lowered their quotations during the week, and cost support has weakened
.
The pessimistic atmosphere in the market has become stronger, and merchants are mainly active in making profits and shipments, and the center of gravity of transactions has shifted
downward in a narrow range.
As of this Thursday, the mainstream price of wire drawing is 10600-10700 yuan / ton

Raw material price: naphtha CF Japan reported 639.
12 US dollars / ton, +0.
99%; FOB Singapore is trading at $69.
31/b, +1.
01%.

ethylene CFR Northeast Asia 1030 US dollars / ton, -3.
74%; CFR Southeast Asia was trading at $950/mt, -3.
06%.

South Korea's FOB propylene price is 1120 US dollars / ton, -0%, and the domestic propylene price is 8875 yuan / ton, -1.
93%.

Spot price: Southeast Asia reported $1260, +0%; The Far East was quoted at $1230/mt, -0.
4%.

Domestic: North China Qilu reported 10,600 yuan, -0.
93%; East China Sanyuan 10600 yuan, -0.
93%; South China Maoming 10880 yuan, -1.
36%.

PP1901 opened low and went high, and the trading volume and position volume were greatly reduced
.
Fundamentally, the low level of social inventory, the supply pressure is not large, the price is not supported, but crude oil has fallen heavily, spot and propylene prices have 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.
Operationally, it is recommended that investors hold short orders at 9960 and hold
them cautiously.