PP weak finishing intraday drawdown and position reduction

News: The impact of polypropylene maintenance in the second quarter was 56% lower than the same period last year, about 360,000 tons, and from the perspective of the later polypropylene plan, the maintenance impact was also lower than last year's months
.
The reduction in maintenance volume is expected to be limited
for price support.

Raw material prices: Japan naphtha CF Japan reported 616.
5 US dollars / ton, down 0.
16%; Naphtha FOB Singapore was trading at $67.
77 a barrel, down 0.
34%.

South Korea's FOB propylene price was 1050 US dollars / ton, flat, and the domestic propylene price was 7950 yuan / ton, down 115 yuan
.

Spot price: Southeast Asia was flat at $1235; The Far East was flat at $1210/mt
.
Domestic: North China Qilu 8750 yuan / ton, flat; East China Sanyuan 8950 yuan / ton, flat; South China Maoming reported 9100 yuan / ton, unchanged
.

The PP1809 contract was weakly sorted out, and the intraday contraction and position reduction showed that the short-term trend was still weak
.
Fundamentally, crude oil is firm, and spot prices are stable or have some support for prices, but slow inventory digestion 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 shorter, indicating that short-term bears have the advantage
.
In terms of operation, investors can be cautious about short orders in their hands, and short positions can sell short
when they rebound.