The market is long and short intertwined, and the PVC futures price fluctuates and falls

News: PVC social inventory continued to maintain a downward trend this week, down 3.
89% from last week and 38.
4% higher than last year, of which East China fell 3.
02% month-on-month and increased 42.
78% year-on-year; South China decreased by 6.
32% month-on-month and increased by 27.
14%
year-on-year.

Spot market: the spot quotation of calcium carbide method in North China fell by 10-100 yuan / ton to 7000-7130 yuan / ton; Ethylene quotations fell 70 yuan / ton to 7090 yuan / ton
.
The quotation of Changzhou calcium carbide method in East China fell by 70 yuan / ton to 7000 yuan / ton, and the quotation was vaguely issued at 7300 yuan / ton, unchanged
.
The calcium carbide quotation in South China fell 40 yuan / ton to 7140-7240 yuan / ton; The ethylene process fell 50 yuan / ton to 7300 yuan / ton
.

Warehouse receipt inventory: the exchange warehouse receipt reported 3919 lots, which is in the historical median area, +120 lots
within the day.
Main positions: The top 20 long positions in the main contract are 169793 lots -58 lots, short positions are 177277 lots, -5742 lots, and net long positions are -7484 lots
.

Summary: The increase in equipment maintenance and the decrease in calcium carbide supply have provided some support
to PVC prices.
However, macro events are disturbed, crude oil is weak in the near future, downstream demand for high-priced raw materials is general, and high social inventory has a certain suppression
of prices.
Technically, PVC1909 fell in shock, futures prices fell below the 20-day moving average support, and short-term short positions decreased more
.
On the indicator, MACD high dead cross, green bar elongation, KDJ indicator dead cross down, expected short-term weak volatility
.
Operationally, long and short are intertwined, and investors are advised to wait and see
for the time being.