PVC volatility lower, position increased

News: From January to February, the national PVC output was 3.
088 million tons, a year-on-year increase of 5%.

In terms of upstream raw materials, the cumulative output of calcium carbide in China from January to February 2018 was 4.
13 million tons, down 2.
9%
year-on-year.

Upstream prices: naphtha CF Japan was flat at $601.
12/mt; FOB Singapore was trading at $65.
84 a barrel, down 0.
02%.

ethylene CFR Northeast Asia 1385, flat; CFR Southeast Asia was flat at $1285/mt
.
Domestic calcium carbide prices were stable, with East China reporting 3370 yuan, flat, and Northwest reporting 3120 yuan, flat
.

Spot market: CFR China was flat at $960, CFR Southeast Asia was flat at $965; North China calcium carbide law reported 6230 yuan / ton, down 30 yuan; ethylene law reported 6520 yuan / ton, flat; East China calcium carbide method reported 6270 yuan / ton, flat, ethylene method 6650 yuan / ton, flat; South China calcium carbide method 6280, flat, ethylene method 6700 yuan, flat
.

The PVC1805 contract was volatile and lower, with increased holdings, indicating that the short-term trend remains weak
.
Fundamentally, social inventories remain high, downstream demand is sluggish, environmental protection inspections and other factors have formed a certain suppression
of futures prices.
Technically, MACD and KDJ indicators are both located in weak areas, and it is expected that the weak finishing pattern
will continue.
Operationally, investors operate
in the range of 6120-6350.