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PP opens low and goes high, and the short-term is expected to remain range-bound

 Last Update: 2022-12-10
 Source: Internet
 Author: User

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The PP1809 contract opened at 8820 yuan / ton, the highest to 8955 yuan / ton, the lowest to 8790 yuan / ton, and closed at 8944 yuan / ton, up 86 yuan, up 0.
97%.

The trading volume was reported 425542 lots, and the position decreased by 8224 lots to 373408 lots
.

News side: Qilu Petrochemical (70,000 tons/year) plant switched to EPS30R
.

Raw material prices: Japan naphtha CF Japan reported 627.
62 US dollars / ton, up 1.
87%; Naphtha FOB Singapore was trading at $68.
97 a barrel, up 1.
95%.

South Korea's FOB propylene price was 1050 US dollars / ton, flat, and the domestic propylene price was 7900 yuan / ton, down 15 yuan
.

Spot price: Southeast Asia was flat at $1235; The Far East was closed at $1,200 a tonne, down $
10.
Domestic: North China Qilu 8800 yuan / ton, up 50; East China Sanyuan 8900 yuan / ton, up 50 yuan; South China Maoming reported 9,000 yuan / ton, flat
.

The PP1809 contract opened low and went higher, the short-term KD indicator turned upward, and the hourly K-line was supported
by the five-day line.

Fundamentally, crude oil prices have retreated from high levels, coupled with slower inventory digestion or limited room for price increases
.

On the technical side, focus on the pressure at the 9000 integer mark in the short term, and test the support
around 8800 below.
Operationally, the short-term is expected to remain in the 8800-9000 range recommended range trading
.

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