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PP rebound is weak and can continue to be held cautiously

 Last Update: 2022-12-09
 Source: Internet
 Author: User

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The PP1805 contract opened at 8760, with a maximum of 8815 yuan / ton, a low of 8732 yuan / ton, and closed at 8757 yuan / ton, down 39 yuan, or 0.
44%.

The volume decreased to 339602 lots, and the open position decreased by 6112 lots to 452004 lots
.

News side: March 19: CNPC North China wire drawing low 50 guidance
.
Dushanzi S1003 hangs 8750, Dalian Organic T30S hangs 8700, Dalian T30S hangs 8750, T38F hangs 8750, Dushanzi 0640P hangs 9450, Dalian PA14D hangs 9950
.

Raw material prices: naphtha CF Japan reported $568.
5 / ton, down 0.
31%; FOB Singapore was trading at $62.
2 a barrel, up 0.
23%.

South Korea's FOB propylene price was $1025 / ton, up $15, and domestic propylene was 7325 yuan / ton, down 150 yuan
.

Spot prices: Southeast Asia was flat at $1270/ton, and China's CIF price was flat at $1200/ton
.
North China CNPC T30S reported 8650 yuan / ton, up 50 yuan; East China Shaoxing Sanyuan T30S reported 8700 yuan / ton, down 100 yuan; South China Maoming T30S reported 9150 yuan / ton, unchanged
.

The PP1805 contract rebounded weakly, and fell under pressure after testing the 5-day line during the session, indicating that the short-term trend is still weak
.

Fundamentally, spot inventory is high, downstream product enterprises are not willing to purchase strongly, which has a certain suppression of prices, and the future market focuses on the progress of destocking
.

Technically, the MACD and KDJ indicators both deal with the low area hovering, and the market will focus on the support
of the 8680 line.
It is recommended that investors continue to hold short orders with caution
.

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