Short-term increases in polyethylene have been limited

News: 1.
The two oil stocks are 620,000 tons, down 40,000 tons
from yesterday.
2.
Pucheng clean energy full-density polyethylene plant production capacity is 300,000 tons/year, plant output is 7042
.

Market quotation: North China Daqing Petrochemical 7042 mainstream price is 7700 yuan / ton, +0
.

Warehouse receipt inventory: 913 warehouse receipts, +0 sheets
.
Main positions: Top 20 long positions 163273, +4090; short positions reported 175551, +9244
.
Increased
headroom.

Summary: Saudi Arabia's voluntary additional production cuts and expectations of possible stronger economic stimulus in the United States supported the oil market, and higher oil prices boosted the chemical market
.
In January, the PE maintenance equipment began to resume work, the weekly average operating rate of polyethylene was at a high level of 93.
94%, and the inventory of polyethylene enterprises also began to rise, up 12.
55% month-on-month this week, and the overall market supply began to recover
.
In terms of downstream demand, the operating rate of various industries has increased slightly, but the start of construction is still general near the Spring Festival, and the operating rate in the later period may gradually decline
.
Fundamentals are intertwined, and short-term price increases are expected to be limited
.
L2105 contract intraday low recovery, short-term focus on support around 7500 below, focus on pressure around 7700 above, recommended range trading
.