PP rally blocked, intraday drawdown and position reduction

News side: PP pellet prices in Qilu Chemical City fell.
The merchant's offer part of the profit, the mainstream quotation of wire drawing is 9000-9250 yuan / ton, and the real transaction is negotiated
.
The market price of Yuyao PP was slightly reduced by 20-50 yuan / ton, the downstream receiving capacity was weak, some merchants made profits to promote transactions, the market wait-and-see atmosphere was strong, and the buying order replenished on demand
.
The price of Shantou PP market excluding tax partially declined, and the market wait-and-see was obvious, and the terminal transaction was average
.

Raw material price: naphtha CF Japan reported 628.
25 US dollars / ton, up 1.
19%; FOB Singapore was trading at $69.
27 a barrel, up 1.
20%.

South Korea's FOB propylene price was 1070 US dollars / ton, flat, and the domestic propylene price was 8375 yuan / ton, down 35 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 9180 yuan / ton, down 40 yuan; South China Maoming 9450 yuan, down 100 yuan
.

The PP1809 contract rebound was blocked, and the intraday contraction reduced positions, and the 60-day moving average temporarily provided support
.
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 cross is down, the KDJ indicator shows signs of oversold, and the short-term shock is wary of the emergence
of a technical rebound.
Operationally, it is recommended that investors operate
in the range of 9100-9250.