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The PVC2009 contract fell slightly on Tuesday, closing at 6165 yuan / ton, -25 yuan from the previous trading day; Volume 100685 lots, -81879 lots; Position 186771 lots, -1645 lots, basis 95 yuan, +25 yuan; 9-1 spread 165 yuan, -5 yuan
.
News: Spot trading in the Asian PVC market is light, and negotiations on July cargoes basically ended
last week.
In Southeast Asia, the market sentiment is more optimistic
as downstream manufacturing activity gradually improves after the easing of lockdowns.
Chinese market prices are better supported by China, but downstream interest in buying spot goods has weakened
.
The Indian market is more concerned about the lockdown in and around Chennai and the upcoming monsoon season in India affecting the reduction
in pipeline demand.
Spot market: Shanghai market quotation narrow adjustment, calcium carbide 5 type material mainstream quotation 6250-6300 yuan / ton, Tianhu, Yihua, Jintai, Zhongyan 6250 yuan / ton, Zhongtai, Beiyuan, Tianye quotation 6260-6300 yuan / ton
.
Warehouse receipt inventory: exchange warehouse receipts reported 601 lots, intraday -0 lots
.
Main position: The top 20 long positions in the main contract are 138582 lots, +271 lots, short positions are 119359 lots, -2879 lots, and the net position is 19223 lots, which is a net long increase
.
Summary: The easing of the overseas epidemic has boosted market confidence, major oil producers have extended the production reduction period, and EIA has raised crude oil demand to support
the market.
Fundamentally, crude oil fluctuated at a high level, and the price of vinyl chloride in Asia rebounded
.
The maintenance of domestic production enterprises continued, and the pre-sales situation was better
.
On the demand side, in April, the domestic real estate market rebounded slightly, while the infrastructure industry also boosted the demand for
PVC to a certain extent.
The decline in PVC operating rate, the continued decline in social inventory month-on-month, and Formosa Plastics' increase in July quotations all supported
the price of PVC.
However, downstream enterprises are more cautious about PVC procurement and maintain the focus on just-in-demand procurement
.
The future market pays attention to whether the support of the lower moving average is strong, and operationally, it is recommended to trade in the short term
.
Wait for a directional breakout
.
