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As of 12.
15, PVC futures prices fluctuated strongly; the Fed raised interest rates by 50bp, in line with market expectations; The CPC Central Committee and the State Council issued the Outline of the Strategic Plan for Expanding Domestic Demand (2022-2035); The logistics and transportation situation in various places has improved compared with before; The price of calcium carbide market is stable, and the enthusiasm of individual procurement increases; PVC downstream enterprises have general demand and are resistant to high prices
.
Futures market: as of 12.
15, the main force of PVC closed at 6407 yuan / ton (+1.
17%); Top 20 main long positions: 324650 (+6211) Short positions: 415321 (-3516); Net short position: 90671 (+89736).
Spot: as of 12.
15 East China (calcium carbide method) quotation: 6180 yuan / ton (+20); South China (calcium carbide method) quotation: 6240 yuan / ton (+15).
Blue charcoal: As of 12.
15, Shaanxi 1328 yuan / ton (+6).
calcium carbide: as of 12.
15 North China 4075 yuan / ton (0).
On the macro front, the Fed's 50bp interest rate hike is in line with market expectations; Domestic economy, real estate stimulus policies emerge one after another; The macro atmosphere is gradually warming up; However, from the perspective of PVC fundamentals, although the social inventory has declined in recent times, the total inventory is still high; Approaching the holiday holiday, downstream work has been suspended one after another, and the pressure of off-season still exists; The launch of new production capacity is still under pressure to accumulate; It still takes time for the expectations brought by the macro favorable to be transmitted to reality, and the demand is sluggish, but the expectations are strong, and the expectations cannot be confirmed in a short time
.
Therefore, we are cautious about
PVC growth in the short term.
