PVC rebound blocked Focus on the upper pressure

News: PVC social inventory last week decreased by 6.
20% month-on-month, an increase of 26.
08% year-on-year, in terms of East China, it decreased by 2.
99% month-on-month and increased by 9.
77% year-on-year, and South China decreased by 11.
06% month-on-month and increased by 66.
98%
year-on-year.
East China stocks are 292,000 tons, South China 177,000 tons
.

The operating rate of PVC production enterprises was 69.
40%, down 0.
70% from the previous month and 11.
97%
lower than last year.
Among them, the calcium carbide method started at 68.
77%, down 1.
47% from the previous month and 12.
88% lower than the same period last year; The ethylene process started at 72.
34%, an increase of 2.
90% month-on-month and a year-on-year decrease of 7.
69%.

Domestic PVC imports in March were 57,800 tons, an increase of 97.
95% from February and a year-on-year decrease of 13.
69%.

Domestic PVC exports in March were 84,700 tons, a significant increase of 185.
19% from February and 21.
87%
year-on-year.
The epidemic situation eased, import and export logistics resumed, and the early accumulation of goods was shipped centrally
.

Spot market: Qilu Chemical City PVC market weak operation, intraday price narrow adjustment, calcium carbide method 5 type material price is about 5350 yuan / ton, ethylene method S1000 price is 5520 yuan / ton, S700 price is 5570 yuan / ton, the transaction situation is general
.

Warehouse receipt inventory: exchange warehouse receipts reported 322 lots, +160 lots
within the day.
Main position: The top 20 long positions in the main contract are 128521 lots, -277 lots, short positions are 127890 lots, -1333 lots, net positions are 631 lots, net short to net long
.

Summary: The global economy has been sluggish
due to the pandemic.
The IMF also lowered its global GDP growth forecast to -3%, which weighed on
market confidence.
At present, the market is waiting for whether OPEC+ will continue to expand production cuts, and crude oil trend is weak
.
In the industrial chain, Asian spot prices continued to fall, and domestic PVC social inventories decreased, but the overall pattern of reduced production enterprises and rising regional warehouses showed that the goods were not digested
.
The operating rate of downstream demand enterprises is still lower than the same period last year
.
Both vinyl chloride and domestic calcium carbide prices in Asia continued to weaken, and these factors suppressed
prices to a certain extent.
In terms of operation, it is recommended that investors set a stop loss in their short orders and hold
them cautiously.