PVC sideways position volume significantly reduced

News: According to the statistics of professional institutions: as of July 9, PVC social inventory was slightly adjusted, and the sample inventory was unchanged from last week, an increase of 24.
24% over the same period last year; Among them, the inventory in East China decreased by 0.
68% from last week, and increased by 25% year-on-year; Inventories in South China increased by 1.
7% month-on-month and 22.
45%
year-on-year.

Upstream price: naphtha CF Japan reported $668.
75 / ton, up 1.
06%; FOB Singapore was trading at $73.
17 a barrel, up 0.
87%.

ethylene CFR Northeast Asia 1390 US dollars / ton, flat; CFR Southeast Asia was flat at $1270/mt
.
Domestic calcium carbide prices were stable, with East China reporting 3370 yuan, flat, and Northwest reporting 3060 yuan, flat
.

Spot market: CFR Southeast Asia was flat at $940; CFR China was flat at $935; North China calcium carbide law reported 6870 yuan / ton, down 40 yuan; ethylene law reported 7,000 yuan / ton, flat; East China calcium carbide method reported 6850 yuan / ton, flat, ethylene method 7100, flat; South China calcium carbide method 6900 yuan, flat, ethylene method 7150 yuan, flat
.

Summary of view: PVC1809 contract is sideways, and the position volume is significantly reduced
.
Fundamentally, the central bank targeted RRR reduction, the peak of device maintenance, the continuous decline of social inventory, and the stationing of environmental protection teams to inspect formed a certain support for futures prices, but the Sino-US trade war escalated, and the spot price fell to suppress
prices.

Technical indicators, MACD green column flattened, KDJ indicator hovering in the central axis, indicating that the short-term trend is difficult to argue
.
Operationally, it is advisable
for investors to wait and see for the time being.