PP volatility fell and ended with a new recent low

News: China's Ministry of Commerce: From June 23, anti-dumping duties of 3.
8%-55.
7% on imports of styrene from South Korea, Taiwan and the United States will be imposed for a period of 5 years
.

Raw material price: naphtha CF Japan reported 630.
75 US dollars / ton, up 0.
40%; FOB Singapore was trading at $69.
24 a barrel, down 0.
01%.

South Korea's FOB propylene price was $1100 / ton, up $30, and the domestic propylene price was 8100 yuan / ton, down 125 yuan
.

Spot price: Southeast Asia was flat at $1295; The Far East was flat at $1,250 / ton
.
Domestic: North China Qilu 9100 yuan / ton, flat; East China Sanyuan 9100 yuan / ton, down 80 yuan; South China Maoming 9500 yuan, flat
.

The PP1809 contract was volatile and lower, ending at a recent low, indicating that the short-term trend remains weak
.
On the fundamentals, long and short coexist, the peak of device maintenance, the decline in social inventory and the futures price have produced certain support, but the escalation of the Sino-US trade war and the loosening of spot prices have put certain pressure
on prices.

On the technical side, the MACD dead cross is down, and the KDJ indicator shows signs of oversold, indicating that there is still a pullback requirement in the mid-term, but the short-term need to be wary of technical rebounds
.
In terms of operation, short orders in the hands of prudent investors can be closed on the dip, and short orders in the hands of aggressive investors can be set to take profit, holding cautiously, and it is not appropriate to take the bottom in the
short term.