The bullish trend was not broken

News: The Tarim ethane to ethylene project officially started construction in the petroleum and petrochemical park of Shangku High-tech Zone in Korla Shangku High-tech Zone, Bayingolin Mongolian Autonomous Prefecture, Xinjiang on the
19th.
With a total investment of 9.
05 billion yuan, the project will rely on the natural gas resources of Tarim Oilfield and PetroChina's independent complete set of ethylene process technology to build one of the
first ethylene production plants from pure ethane in China.
The project includes 600,000 tons of ethylene plant, 300,000 tons of full-density polyethylene plant, 300,000 tons of high-density polyethylene plant per year, as well as supporting public works, auxiliary production facilities and off-site works
.
The Tarim oilfield produces one-sixth of the total domestic natural gas
.
The annual processing scale of natural gas is 10 billion cubic meters, and 762,000 tons of ethane are separated from it every year, providing raw materials
for ethane to ethylene projects.

Spot market: The domestic polyethylene market price continues to rise
.
In terms of enterprises, the main regional sales companies do not have many resources for sale, and most of the opening prices have been raised, ranging from 50-100 yuan / ton, and merchants actively follow up the high report, but the downstream is resistant to high prices, and the real transaction atmosphere has fallen
compared with yesterday.
As of the morning close, North China was 30-100 yuan / ton; East China rose by 50 yuan / ton; South China is 50-100 yuan / ton
.

Warehouse receipt inventory: exchange warehouse receipt reported 1539 lots, intraday -0 lots; In the historical median zone
.
Main positions: The top 20 long positions in the main contract are 182817 lots, -6892 lots, short positions are 242150 lots, -5811 lots, and net long positions are -59333 lots, -1081 lots
.

Summary: The tense situation between the United States and Iran, the peak of equipment maintenance, and the decline in social inventory supported the price of LLDPE
.
Technically, the current L1909 contract is narrowly consolidated, and the bullish trend is not broken
.
The indicator MACD oscillated higher, the red bar elongated, and the KDJ indicator flattened at a high level, indicating that the short-term bulls have a slight advantage
.
Operationally, investors can continue to hold
long positions cautiously.