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PP volatility goes higher and can build more at a low level when it falls

 Last Update: 2022-12-09
 Source: Internet
 Author: User

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The PP1805 contract opened at 8750, with a maximum of 8876 yuan / ton, a low of 8697 yuan / ton, and closed at 8843 yuan / ton, up 142 yuan, or 1.
63%.

The trading volume was reported 357092 lots, and the position decreased by 58202 lots to 288226 lots
.

News side: U.
S.
propylene stocks for non-fuel use fell by 96,000 barrels to 293,200 barrels
as of March 23.
Braskem, Formosa Plastics, LyondellBassell and ExxonMobil Chemical are considering expanding polypropylene in the U.
S.
, but only Braskem USA and Formosa Plastics made the final investment decision
.

Raw material prices: naphtha CF Japan reported 607 US dollars / ton, flat; FOB Singapore was flat at $66.
82 a barrel
.
South Korea's FOB propylene price was 1000 US dollars / ton, flat, and domestic propylene 7590 yuan / ton, up 110 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, up 100 yuan; East China Shaoxing Sanyuan T30S reported 8750 yuan / ton, up 50 yuan; South China Maoming T30S reported 9250 yuan / ton, up 50 yuan
.

The PP1805 contract fluctuated higher, and the position shrank sharply, indicating that short funds left the market
.
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 up, and the KDJ indicator gold cross continues to diverge upward, indicating that the rally is expected to continue
.
In terms of operation, it is recommended that investors can build more at a low level when they fall back
.

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