PP volatility closed up, it is recommended to take a short position lightly

Raw material prices: Japan naphtha CF Japan reported 484.
5 yuan / ton, up 7.
88; naphtha FOB Singapore reported 52.
76 US dollars / barrel, up 0.
97
.
ethylene CFR Northeast Asia 1140 US dollars / ton, flat; CFR Southeast Asia was flat at $1,035/mt
.
The CIF price of propylene in China was 850 US dollars / ton, down 5
.

Spot prices: foreign spot market prices fell slightly, the Far East was reported at $1025 / ton, down 5, and China's CIF price was reported at $1025 / ton, down 5
.
Prices in the domestic market rose slightly; East China Ningbo 8250 yuan / ton, up 20; South China Maoming reported 8600 yuan / ton, unchanged
.

News side: 1.
According to Longzhong tracking data, the main domestic petrochemical inventory this week increased by about 11.
0% compared with the previous cycle, and the middleman inventory increased by 1.
2%
compared with the previous cycle.

Summary of views: Affected by the Qingming holiday, the downstream order volume is small, and the social inventory has increased slightly, but the device has entered the maintenance season, the overall operating rate has fallen, and the supply pressure in the future market is expected to ease, coupled with the short-term rise in crude oil and coal to support its cost support, the rise in futures prices has driven the enthusiasm of
downstream goods.
Technically, the PP1705 contract closed up in shock, testing the pressure around 8500 above, testing the 8200 integer mark support below, and maintaining the short-term oscillation in the 8200-8500 range, it is recommended to rely on the five-day line light position short
.