PVC futures prices are weak to the downside, and the fundamentals have not changed much

Futures market: as of 9.
15, the main PVC closed at 6292 yuan / ton, down 0.
8% from the previous month; Top 20 main long positions: 316388 (+15339), short positions: 383581 (+18721), net short positions: 67193 (+1035).

Spot and enterprise dynamics: as of 9.
15, East China (calcium carbide method) quotation: 6450 yuan / ton (-50); South China (calcium carbide method) quotation: 6585 yuan / ton (-50); Lutai Chemical's 360,000-ton PVC plant started about 60%, the price was reduced, and the 5-type factory reported 6500 yuan / ton in cash; Qilu Petrochemical's 350,000-ton PVC plant started normally, and the price was reduced, with S700 factory report 6750 yuan / ton, S1000 type factory reported 6650 yuan / ton
.

Basis: as of 9.
15 South China basis +293; East China basis +158; basis change little
.
Upstream raw materials: as of 9.
15, the quotation of North China calcium carbide was 4075 yuan / ton, which was unchanged from yesterday's price; Shaanxi Lanchar quoted 1436 yuan / ton, unchanged from yesterday's price
.

At present, based on the macro background, the general trend of overseas interest rate hikes and domestic real estate recession has not been reversed; From the perspective of PVC's own fundamentals and cycle performance, PVC is relatively weak in chemicals because its own fundamentals are really not bright; Although the current PVC price has been at a relatively low level, the early parking device has been reopened, and the superimposed PVC still has part of the profit, and the supply is still increasing month-on-month; And if commodities resonate with overseas recessions in the future, it is inevitable that there will be a wave of declines
.