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Market conditions: Liansu L2001 main contract rushed back down, the futures price closed at 7260 yuan / ton, -30 yuan from the previous trading day; Volume 459328 lots, +61924 lots; Position 618858 lots, -23534 lots, basis 40 yuan, +60 yuan; 1-5 spread 75 yuan, -20 yuan
.
News: According to a report released by the Plastics Industry Association, the scale of the US plastics industry continued to expand in 2018, with shipments of $451.
3 billion
.
In 2018, the apparent consumption of plastic plastic industry products increased by 6.
9%, and achieved a trade surplus of $500 million, but it is still far lower than the trade surplus of $3 billion in 2017, indicating that in the US plastic trade in 2018, the growth rate of imports is higher than the growth rate
of exports.
Spot market: The domestic polyethylene market is mixed
.
Most of the opening prices of sales companies are stable, linear futures first rise and then decline, merchants are cautious and wait-and-see, offers follow the narrow adjustment of the market, linear is mainly rising, low-pressure some varieties of resources are loose, and prices are lower
.
As of the noon close, the North China market adjusted 50-150 yuan / ton; The East China and South China markets are temporarily stable
.
Warehouse receipt inventory: exchange warehouse receipt reported 1283 lots, intraday - 79 lots; In the historical median zone
.
Main position: the top 20 long positions in the main contract are 192864 lots, -15234 lots, short positions are 208898 lots, -8330 lots, net positions are -6904 lots, net short increases
.
Summary: Crude oil stopped falling and stabilized, the Sino-US trade dispute showed signs of easing, and after entering late October, the downstream demand for plastics gradually recovered
.
This has some support for LLDPE, however, the International Monetary Fund lowered the global economic growth rate in 2019 to 3%, the lowest growth rate in 10 years, which hit market confidence, and the second round of environmental inspections opened, downstream enterprises were cautious in purchasing, and domestic PE social inventories rebounded
slightly.
In addition, ethylene prices in Asia also maintained their trend and continued to weaken, which is expected to suppress
LLDPE.
It is expected that Liansu may maintain a range-bound pattern
.
Operationally, it is recommended that investors wait and see for the time being
.
