The rebound of continuous plastic was blocked, and the futures price rushed back down

News: China's plastic products exports declined in January-February 2020, and China's plastic products exports in January-February 2020 amounted to US$8157.
3 million, down 16%
year-on-year.
Export orders of agricultural film enterprises have basically been completed, and export orders are in the off-season, which is little changed from previous years
.
Pipe companies are not greatly affected
.
It is understood that the current export impact of plastic products is more obvious in the packaging film industry, accounting for about 20% of the plastic products industry
.
And it is expected that the demand for film materials in April and May may further weaken, and some enterprises have reduced their staff by 30%, and some personnel have implemented a rotation system, and the operating rate is low
.

Spot market: The price of the domestic polyethylene market is adjusted in a narrow range
.
Most of the opening prices of the main regional sales companies are stable, and the merchants have a wait-and-see attitude, adjust the offer according to their own resources, and the actual order price is mixed
.
As of the noon close, the North China market adjusted 50-150 yuan / ton; East China rose slightly by 50 yuan / ton; South China adjusts 50-100 yuan / ton
.

。

Warehouse receipt inventory: exchange warehouse receipts reported 0 lots, intraday - 576 lots
.
Main position: The top 20 long positions in the main contract are 182859 lots, +607 lots, short positions are 246369 lots, +11258 lots, and the net position is -63510 lots, with a net increase
in net shorting.

Summary: The accelerated spread of the overseas epidemic has caused market panic, the absolute value of the domestic two barrels of oil and petrochemical inventory is still high, indicating that downstream demand has not fully recovered, crude oil is running weakly, and Shenhua online auction trading volume is still in the historical low area, which suppresses the price of polyethylene to a certain extent
.
Even though the Fed opened the unlimited QE mode and released a $2 trillion stimulus package, it failed to offset the panic in the market
.
The future market will focus on the evolution of the overseas epidemic and when crude oil will stop falling and rebound
.
In terms of operation, it is recommended that investors set a take profit for short orders in their hands and hold
them cautiously.