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Last week, the PVC futures market showed a weak oscillation pattern, and the downward bottoming continued
.
Despite the constant macro policies to support real estate and stabilize the economy; However, due to epidemic prevention and control, it will take a while
for the effect to be reflected.
In addition, the resumption of work and production in Shanghai is also slowly advancing
.
Therefore, until demand does not pick up significantly, the adjustment of the PVC futures market is expected to continue
.
Last week, the macro-level atmosphere was weak, the commodity futures market as a whole showed a downward trend, the international crude oil futures volatility was strong, and the energy and chemical sectors were supported, and the PVC futures fell back to be stabilized by the 8500 first-line support
.
Spot quotations in the international market have fallen, but the export window is still open due to the depreciation of the RMB exchange rate, and the spot quotations remain at 8800 yuan / ton
during the week.
Downstream, the epidemic's suppression of demand continues, and full resumption of work or hopes will be in June
.
Upstream enterprises plan to overhaul enterprises in mid-to-late May, and the industry operating load may be slightly reduced, but the short-term domestic demand side is difficult to significantly improve due to the epidemic and poor real estate data, and the fundamentals lack a strong unilateral drive, and it is expected to maintain the 8500-8800 range in the near future
.
In terms of inventory, the operating load of upstream enterprises remained high, the transportation efficiency in some areas was still not high, the inventory of factories increased, and the social inventory degraded
slightly.
As of May 6, the sample inventory in East China decreased by 6.
31% from the previous period and increased by 45.
42% year-on-year, and the sample inventory in South China decreased by 0.
74% and 0.
37%
year-on-year.
The total inventory of sample warehouses in East and South China was 303,100 tons, a decrease of 5.
37% from the previous period and an increase of 34.
47%
year-on-year.
In terms of demand, the recent downstream demand is still weak and has not seen significant improvement, the operating load of some downstream enterprises is still low, and the overall order volume of product enterprises is not much
.
It is expected that it will be difficult to significantly improve demand in the short term, and pay attention to the recovery of
demand in the later period.
Recently, spot quotations in the international market have been lowered, but due to factors such as the depreciation of the RMB, the export window is still open, which supports domestic spot quotations
.
The demand side is affected by the epidemic and poor real estate data, and the operating load has not increased significantly in the short term, and the fundamentals lack obvious unilateral drive, and it is expected that PVC futures will continue to fluctuate in the 8500-8800 range in the near future, paying attention to the export of
goods.
