PVC short-term pullback trimming Focus on support around 6700

News: According to Longzhong statistics, the total inventory of PVC market in this cycle was 409,000 tons, a decrease of 5.
32% from last week and an increase of 25.
85% over last year; East China decreased by 6.
15% from last week and increased by 18.
85% year-on-year; South China decreased by 3.
25% month-on-month and increased by 46.
91%
year-on-year from last week.

In terms of market, the spot market of PVCSG-5 is basically stable, with market quotations in the range of 6710-6950 yuan / ton, and ethylene quotations in the range of 6850-7050 yuan / ton
.
The ex-factory price is basically unchanged, the ex-factory price in the northwest region is in the range of 6150-6900 yuan / ton, and in other regions is in the range of 6700-6850 yuan / ton
.

Warehouse receipt inventory: Exchange warehouse receipts reported 0 lots, in the historical low area, stable
intraday.
Main positions: The top 20 long positions in the main contract are 144285 lots, -888 lots, short positions are 153290 lots, 6407 lots, and net long positions are -9005 lots
.

Fundamentally, the inventory of production enterprises remains high, and the sluggish downstream demand for PVC has caused a certain suppression
of prices.
However, the strong trend of crude oil has provided some support to prices, and after entering April, downstream demand is expected to accelerate recovery and spring equipment maintenance or price support
.
Technically, PVC1909 short-term pullback finishing, KD indicator turned downward, short-term or pullback repair gap, upper focus on pressure around 6950, below focus on support
around 6700.
Operationally, it is recommended that investors sell high and sell low in the range
.