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As of 11.
24, PVC futures prices rebounded strongly; the minutes of the Fed meeting showed that most officials supported slowing down the pace of interest rate hikes; the State Council issued timely RRR reduction news; the central bank and the China Banking and Insurance Regulatory Commission officially issued documents to fully support the financing of real estate enterprises; Shandong Xinfa 400,000 tons of new equipment began commissioning; The PVC industry as a whole has reduced its losses; The ex-factory price of calcium carbide has been increased in a small part of the region; The futures basis weakened
.
Futures market: as of 11.
24, the main force of PVC closed at 6017 yuan / ton (+3.
53%); Top 20 main long positions: 374171 (+9954) Short positions: 353575 (-1080); Net long position: 20595 (+18649).
Spot: as of 11: 24th East China (calcium carbide method) quotation: 5930 yuan / ton (+80); South China (calcium carbide method) quotation: 6060 yuan / ton (+60).
Blue charcoal: as of 11.
24 Shaanxi 1534 yuan / ton (0).
calcium carbide: as of 11.
24 North China 3990 yuan / ton (0).
PVC is in the contradiction of "expectations are under pressure on reality", on the one hand, the state will often reduce the RRR expectation and superimpose the "16 Real Estate" policy to inject major benefits into the real estate market; On the other hand, the weak fundamentals of PVC have not changed significantly, and they are still in high inventories and sluggish demand, and may not change
in the short term.
It will take time
for the transmission of the new policy and the implementation of the policy.
The recent trend of PVC futures is susceptible to macro impacts, and the height of the rebound remains to be observed, and it is recommended that investors avoid
it for the time being.
