PP shock retreats The short-term trend is still weak

News side: Petrochemical companies are under pressure to reduce factory prices
.
Sinopec PP East China pricing part reduced: 100--200 yuan / ton; Huazhong Pu reduced 100 yuan / ton; CNPC East China injection molding and copolymerization reduced by 100-150 yuan / ton, wire drawing and film decreased by 100 yuan / ton, CNPC North China wire drawing, film material and fiber material decreased by 200 yuan / ton, pipe material was reduced by 100 yuan / ton, copolymer material, general injection molding and transparent injection molding were reduced by 200 yuan / ton, and thin-wall injection molding was reduced by 150 yuan / ton
.
Operators continue to be bearish on the future market, and traders actively ship and reduce positions
.

Raw material price: naphtha CF Japan reported 543.
38 US dollars / ton, -2.
47%; FOB Singapore is trading at $58.
06/b, -3.
06%.

ethylene CFR Northeast Asia 940/mt, +2.
17%; CFR Southeast Asia was trading at $860/mt, +2.
99%.

South Korea's FOB propylene price is 1000 US dollars / ton, -1.
96%, and the domestic propylene price is 8525 yuan / ton, -4.
21%.

Spot price: Southeast Asia quoted $1240, -0%; The Far East was quoted at $1200 / ton, -0%.

Domestic: North China Qilu reported 10,070 yuan, -1.
38%; East China Sanyuan 10200 yuan, -1.
92%; South China Maoming 10650 yuan, -0.
75%.

PP1901 retreated and closed at a recent low, with a sharp reduction in holdings, indicating that the short-term trend is still weak
.
Fundamentally, crude oil pullback, propylene weakness, suppressed PP prices, coupled with light trading in the spot market, the bearish atmosphere pervaded, making PP return to decline
.

Technically, the MACD oscillation is lower, and the KDJ turns downward, indicating that there is still a short-term pullback requirement
.
Operationally, it is recommended that investors continue to hold
short orders in their hands.