PP1901 volatility fell and updated the year's low at the end

News side: On the 23rd, the ex-factory price of PP petrochemical enterprises continued to decrease: the price of CNPC North China ex-factory fiber, part injection molding, copolymerization, and hot water pipes was reduced by 100-300 yuan / ton; The ex-factory price of CNPC East China injection molding and copolymerization was reduced by 100-250 yuan / ton; Sinopec Huazhong also has different degrees of downward revision
.
Injection molding reduced by 200 yuan / ton; Fiber reduced by 150 yuan / ton; Copolymerization reduced by 100 yuan/ton; China and South Korea co-union reduced by 200 yuan / ton; Cost support continues to weaken; Downstream factory orders decreased, rigid demand support weakened, and traders mainly
shipped at reduced prices.

Raw material price: naphtha CF Japan reported 499.
38 US dollars / ton, -0.
94%; FOB Singapore is trading at $53.
44/b, -0.
98%.

ethylene CFR Northeast Asia 1050 US dollars / ton, +0%; CFR Southeast Asia is trading at $960/mt, +0%.

South Korea's FOB propylene price is 880 US dollars / ton, -0.
56%, and the domestic propylene price is 8100 yuan / ton, -1.
52%.

Spot price: Southeast Asia reported $1160, -0%; The Far East was quoted at $1125 / ton, -0%.

Domestic: North China Qilu 9400 +0%; East China Sanyuan 9350 yuan, -0.
53%; South China Maoming 10050 yuan, -0%.

PP1901 fluctuated lower, and the final session updated the year's low, indicating that the short-term trend is still weak
.
Fundamentally, crude oil is lower, propylene is weak, which suppresses PP prices, loose spot market prices, and light transactions also suppress
prices.

Technically, the MACD volatility is lower, and the KDJ is also hovering low, indicating a weak
short-term trend.
With the downward pressure of the short-term moving average, it is expected that the weak operation pattern
will remain obvious.
Operationally, it is recommended that investors mainly sell short in case of rebound
.