PP rally blocked Position volume increased significantly

News: South Korea's total PP exports in July increased by 4,564.
8 tons, or 2%, from June to 234,597.
5 tons, up 7,248.
1 tons, or 3.
2%,
from the same period last year.
South Korea's PP exports to the US rose for the second consecutive month in July to 11,708.
1 mt, up 709 mt or 6.
4%
from June.
A significant increase of 6,587.
3t, or 128.
6%,
year-on-year.
In addition, exports to Mexico totalled 3,478.
8 tonnes, also increasing for the second consecutive month, up 459.
3 tonnes (15.
2%) from June and 2,216.
6 tonnes (175.
6%)
year-on-year.
As PP prices in the United States and Mexico continue to be high, PP prices in the United States are at a 44-month high, and the homopolymer contract price is about $1698/ton
.
The price in Mexico City is about $1700/ton.

The price of ethylene in Asia is currently trading below
$1,250.
As a result, South Korea's exports to the United States and Mexico are expected to continue to exceed 10,000 tonnes
in the coming months.

Raw material price: naphtha CF Japan reported 643 US dollars / ton, up 0.
94%; FOB Singapore traded at $70.
18 a barrel, up 0.
92%.

South Korea's FOB propylene price was 1100 US dollars / ton, flat, and the domestic propylene price was 9525 yuan / ton, flat
.

Spot price: Southeast Asia was flat at $1235; The Far East was flat at $1230/mt
.
Domestic: North China Qilu reported 10,000 yuan, flat; East China Sanyuan 9950 yuan, down 30 yuan; South China Maoming 10050, flat
.

The PP1901 contract rebound was blocked, the position increased significantly, and the short-term trend remained weak
.
Fundamentally, social inventories have rebounded, and loose spot prices may limit PP gains
.
Technically, the MACD indicator is a high dead cross, the red column turns green, and the KDJ indicator also begins to show signs of downward divergence, and there are still short-term adjustment requirements
.
In operation, it is recommended that investors set short orders and take profit and hold
them cautiously.