PVC volatility went higher and positions shrank slightly

News: As of July 23, PVC social inventory decreased slightly from the previous week, and the sample inventory decreased by 4.
72% from last week, and increased by 27.
04% year-on-year; Among them, the inventory in East China decreased by 4.
76% from last week and increased by 21.
74% year-on-year; Inventories in South China fell 4.
62% month-on-month and increased 40.
9%
year-on-year.

Upstream price: naphtha CF Japan reported 647.
38 US dollars / ton, up 0.
6%; FOB Singapore was trading at $71.
12 a barrel, up 0.
54%.

ethylene CFR Northeast Asia 1380 US dollars / ton, flat; CFR Southeast Asia was trading at $1260 a tonne, down $
10.
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 $945; CFR China was flat at $960
.
North China calcium carbide law reported 6870 yuan / ton, flat; ethylene law reported 7,000 yuan / ton, flat; East China calcium carbide method reported 6920 yuan / ton, flat, ethylene method 7150, flat; South China calcium carbide method 7000 yuan, flat, ethylene method 7200 yuan, flat
.

The PVC1809 contract was volatile higher, with holdings shrinking
slightly.
Fundamentally, the peak period of the device maintenance period has formed a certain support for the futures price, but the escalation of the Sino-US trade war has suppressed it to a certain extent
.

Technical indicators, MACD median flat, KDJ indicators also hovering near the central axis, short-term direction is unknown
.
At present, there is pressure on the futures price, and there is support below, and it is expected to maintain the pattern of range shock in
the short term.
Investors can trade
in the range between 6850 and 7100.