PP relies on moving averages sideways to reduce positions

News: April 3: Shenhua Coal Chemical PP bid 5,550 tons today, an increase from yesterday, with a volume of 5,308 tons, an increase from yesterday, with a transaction ratio of 95.
64%.

The price of Pucheng clean energy PP pellets was raised, 550J was raised by 50 yuan / ton to 8420 yuan / ton, and 500N was listed at 8500 yuan / ton
.
The company's (400,000 tons/year) PP plant produces 550J
of wire drawing.

Raw material prices: naphtha CF Japan reported 602.
25 US dollars / ton, down 0.
78%; FOB Singapore was flat at $66.
82 a barrel
.
South Korea's FOB propylene price was $1,000 / ton, flat, and domestic propylene was 7,750 yuan / ton, up 160 yuan
.

Spot prices: Southeast Asia was flat at $1230/ton, and China's CIF price was flat at $1185/ton
.
North China CNPC T30S reported 8600 yuan / ton, unchanged; East China Shaoxing Sanyuan T30S reported 8850 yuan / ton, up 100 yuan; South China Maoming T30S reported 9350 yuan / ton, up 100 yuan
.

The PP1805 contract relied on the lower moving average sideways, and the position volume decreased, but not by much
.
Fundamentally, the off-season of downstream demand may suppress prices to a certain extent, but the recent acceleration of destocking will support prices
.

Technically, the MACD low gold cross is to the upside, but the KDJ indicator has bounced back into the high area
.
In operation, investors can hold long orders cautiously, and short positions can open long PP1809 contracts at a low level with a stop loss of 8850 yuan
.