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Market situation: PVC slightly higher, V1909 opened at 6825 yuan / ton, the highest reported 6875 yuan / ton, the lowest reported 6735 yuan / ton, closed 6810 yuan / ton, +0.
74% from the previous trading day; Volume 326926 lots, -23622 lots; Position 502060 lots, +5858 lots
.
The basis is 55 yuan, -20 yuan, 9-1 spread 190 yuan, -10 yuan
.
News: Since the listing of PVC futures, the stable and deep participation of corporate customers is a highlight
of the market.
Since its listing in 2009, the cumulative delivery of 1.
71 million tons, the proportion of corporate customer positions has remained above 35%, in 2018, the proportion of corporate customer positions is 51%, the hedging efficiency remains above 90%, futures price discovery and hedging functions are effectively played, the futures basis is stable at -200 to 200 yuan / ton, and futures pricing has gradually become the mainstream
of the market.
Spot market: The PVC market in Hebei has improved its atmosphere, but the transaction is general, the downstream demand is not good, and the mainstream price is stable
.
The price of Type 5 material including tax is delivered at 6750-6850 yuan / ton, and some lower and higher prices have also been heard
.
The mainstream quotation of calcium carbide five-type material in the PVC market in Shanghai is 6800-6900 yuan / ton, the price of ethylene process enterprises in East China is 7050-7350 yuan / ton, and the import source of Thailand and Egypt is 6900 yuan / ton for self-pickup
.
Warehouse receipt inventory: the exchange warehouse receipt reported 2000 lots, which is in the historical median area, +0 lots
within the day.
Main positions: The top 20 long positions in the main contract are 180456 lots -591 lots, short positions are 172350 lots, +2702 lots, and net long positions are 8106 lots, -3293 lots
.
Summary: The high level of crude oil has fallen, the Sino-US trade war has intensified, and downstream demand has generally suppressed the price, but the increase in equipment maintenance and the decline in social inventory have produced certain support
for PVC prices.
Technically, PVC1909 edged higher, with a significant decrease in trading volume and an increase
in holdings.
The main position shows that the long position is reduced, the short position is increased, and the short side is dominant
.
On the indicator, MACD fell slightly, the green bar contracted, and the KDJ indicator was a low golden cross, indicating that the bearish force weakened
.
Operationally, it is advisable
for investors to trade in the range of 6730-6850.
