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The PE market fluctuates
in a narrow range.
Futures opened high and choppy and had limited
guidance for spot.
Merchants accompany shipments, downstream inquiries are cautious, and real markets focus on negotiation
.
Price: stable adjustment, mixed rise, relatively more, range from 20-250 yuan / ton
.
Powell's dovish comments sent U.
S.
stocks soaring and improved risk sentiment boosted bulls' morale, although the overall bearish U.
S.
inventory report somewhat limited the upside for oil prices, but recorded gains for the first time in a month, and the all-day closing gains of the week injected confidence
into the crude oil market.
U.
S.
WTI crude oil February futures closed up 0.
87 yuan, or 1.
85%, at $47.
96 a barrel on Friday (Jan.
4), up 6.
18%
for the week.
Brent crude for March futures closed up $1.
11, or 1.
98 percent, at $57.
06 a barrel on Friday, up 7.
59 percent
for the week.
The ex-factory price of PE petrochemical was adjusted steadily, mostly downward, and LDPE and HDPE were reduced by 100-350 yuan / ton; LLDPE rises and falls, with a range of 50-150 yuan / ton
.
Recent PE plant production:
Although the crude oil market is up, the upstream ethylene is still weak, petrochemical continues to adjust some ex-factory prices, merchants follow the offer, downstream maintain on-demand procurement or wait and see, lack of order intention, traders have not significantly changed their mode of operation, and the mentality still tends to be ship-based
.
Zhejiang Plastics Market expects that without major positive stimulus, the PE market may remain weak and consolidated
in the near future.
