The main PP contract fell back in shock, and the position volume decreased significantly

News side: Today's Sinopec Central China PP price adjustment: drawing 50 yuan / ton to implement 11100 yuan / ton; Fiber increased by 100 yuan / ton, Y35 implementation 11200 yuan / ton; Zhongyuan M02 was reduced by 50 yuan / ton and executed ll 200 yuan / ton
.
Sinopec East China PP granules were partially raised, Jiujiang wire drawing and film materials rose by 100 yuan / ton, and T30S was set at 11,000 yuan / ton
.
Yangtze R503/4502 increased by 100 yuan/ton; Zhenhai H30S rose to 11200 yuan / ton
.

Raw material price: naphtha CF Japan reported 688.
38 US dollars / ton, -1.
36%; FOB Singapore is trading at $74.
75/b, -1.
39%.

ethylene CFR Northeast Asia 1120 US dollars / ton, -1.
75%; CFR Southeast Asia was trading at $1020/mt, -1.
92%.

South Korea's FOB propylene price is 1150 US dollars / ton, +0.
88%, and the domestic propylene price is 10175 yuan / ton, +0%.

Spot price: Southeast Asia quoted $1250, +0%; The Far East reported $1250 / ton, +0%.

Domestic: North China Qilu reported 11200 yuan, +0%; East China Sanyuan 11100 yuan, -0%; South China Maoming 11300 yuan, -0.
88%.

PP1901 fell back in shock, the trading volume shrank, and the position volume also decreased significantly, indicating that some long funds left the market
in profit.
Fundamentally, spot inventories continue to be low, and firm spot prices form a certain support for futures prices, but downstream enterprises compress profits, take goods inactively, and light market transactions suppress prices
.

Technically, the MACD high level is flat, the red column is shortened, and the KDJ indicator has signs of a high turn, indicating that there is a technical adjustment requirement
in the short term.
Operationally, it is recommended that investors wait and see for the time being
.