PP rebound was weak and fell back under pressure

News: On March 27, the operating rate of petrochemical enterprises nationwide was 90.
8%, a slight increase from last week, or 0.
6%.

From a regional point of view, Yanshan Petrochemical Erju in North China normally drove up the production of new grades, the operating rate increased slightly, the load of the plant in East China increased slightly, the operating rate increased slightly, the equipment in other regions was stable, and the operating rate did not change much
.

Raw material prices: naphtha CF Japan reported 601.
12 US dollars / ton, flat; FOB Singapore was trading at $65.
84 a barrel, down 0.
02%.

South Korea's FOB propylene price was 1020 US dollars / ton, flat, and domestic propylene 7430 yuan / ton, flat
.

Spot prices: Southeast Asia was flat at $1240/ton, and China's CIF price was flat at $1185/ton
.
North China CNPC T30S reported 8450 yuan / ton, unchanged; East China Shaoxing Sanyuan T30S reported 8600 yuan / ton, up 50 yuan; South China Maoming T30S reported 8950 yuan / ton, up 50 yuan
.

The PP1805 contract rebounded weakly, and after testing the 10-day line during the session, it fell under pressure, indicating that the short-term trend is still weak
.
Fundamentally, spot inventory is high, and the sluggish demand of downstream products enterprises has suppressed prices to a certain extent, and the future market will focus on the progress of destocking
.

Technically, MACD and KDJ indicators are hovering in a weak area, and it is expected that the weak finishing pattern
will continue in the short term.
Operationally, investors are advised to hold
short orders with caution.