PP rebounded slightly, and the weak pattern remained unchanged

News: According to the statistics of professional institutions, as of August 28: the capacity utilization rate of PP petrochemical enterprises in China this week was 89.
97%, up 0.
92%
from last week.
From a regional point of view, Shijiazhuang Refining and Chemical in North China is driving normally; Zhongjing Petrochemical in South China is driving normally, and Maoming Petrochemical Third Line plans to stop on the 24th; Luoyang Petrochemical in central China has started up normally on the 22nd, and the capacity utilization rate has increased
.
In other regions, the operation of petrochemical plants is stable, and the capacity utilization rate has not changed much
.

Raw material price: naphtha CF Japan reported 659.
62 US dollars / ton, up 0.
11%; FOB Singapore was trading at $71.
76 a barrel, up 0.
04%.

South Korea's FOB propylene price was $1090 / ton, down $5, and domestic propylene price was 9375 yuan / ton, down 50 yuan
.

Spot price: Southeast Asia was flat at $1235; The Far East was flat at $1210/mt
.
Domestic: North China Qilu reported 9950 yuan, flat; East China Sanyuan 9830 yuan, down 20 yuan; South China Maoming 10,000 yuan, flat
.

The PP1901 contract rebounded slightly, but was hampered by the pressure of the upper moving average and gave up its gains, and the position volume was significantly reduced, and the weak pattern remained unchanged
.
Fundamentally, social inventories have rebounded, and spot prices have loosened to suppress
futures prices.

Technically, the MACD indicator has a dead cross at a high level and diverges downward, but the KDJ indicator shows signs of flattening at a low level, and the technical signals diverge
.
In operation, it is recommended that investors set short orders and take profit and hold
them cautiously.