PP slightly high open moving average horizontal finishing

News: According to Platts Energy Consulting Singapore, April 17, state-owned Indian Oil Corporation (IOC) informed sources said on Tuesday that the company expects to start a new 700,000 tons/year polypropylene (PP) plant in Baladibou on India's east coast in June this year, and commercial production
will begin before the end of this year.
IOC already has a 650,000-tonne/year PP plant
in Baladibu, Haryana.
It is expected that India's PP imports will decrease
after the new plant comes into operation.

Raw material prices: Japan naphtha CF Japan reported 604.
75 US dollars / ton, up 0.
96%; Naphtha FOB Singapore was trading at $66.
64 a barrel, up 0.
76%.

South Korea's FOB propylene price was 1050 US dollars / ton, flat, and the domestic propylene price was 8100 yuan / ton, flat
.

Spot Price: Foreign Spot: Southeast Asia reported $1235, flat; The Far East was quoted at $1210 / ton, up $10
.
Domestic: North China Qilu 8750 yuan / ton, flat; East China Sanyuan 8950 yuan / ton, flat; South China Maoming reported 9200 yuan / ton, unchanged
.

The PP1809 contract opened slightly higher, and throughout the day it was arranged sideways around the intraday moving average, and the position increased
slightly.
Fundamentally, the central bank lowered the RRR, and the stability of spot prices may provide some support to prices, but the slow digestion of inventories is still a major factor
restricting the rebound of futures prices.
On the technical side, the KDJ oscillation retreated, and the MACD red bar became longer, indicating short-term pressure and lower support
.
Operationally, it is recommended that investors wait and see for the time being
.