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On Thursday, Liansu L2109 contract contracted and increased positions, and the upward trend of futures was blocked, closing at 7815 on the day, +5 yuan from the previous trading day; The volume was 367931 lots, and the position was reported 343749 lots, +1020; the basis was 85 yuan
.
News: 1.
The PE inventory of domestic polyethylene enterprises (oil + coal) rose this week, up 5.
14%
from last week.
LDPE inventories rose 7.
82%; HDPE inventories rose 7.
42%; LLDPE inventories rose 0.
08%.
Among them, two barrels of oil PE inventories rose 10.
89% week-on-week.
Sinopec PE inventory rose 18.
31%; CNPC PE inventories rose 8.
07%.
PE inventories of coal-based enterprises continued to decline, down 6.
35%
from last week.
2.
According to Longzhong estimates, the estimated output of polyethylene in June is 2.
01 million tons, +131,000 tons compared with the actual output of the previous month, +527,000 tons over the same period last year, of which high pressure is 226,000 tons, -07,000 tons month-on-month; low pressure is 839,000 tons, +08,000 tons month-on-month, linear type is 945,000 tons, +131,000 tons
month-on-month.
Market quotation: North China Daqing Petrochemical 7042 mainstream price is 7900 yuan / ton, -50 yuan
.
Warehouse receipt inventory: 6929 warehouse receipts, -58 sheets
.
Main positions: Top 20 long positions 190928, -3058; short positions reported 237982, +1863
.
Increased headroom
Summary: The average operating rate of polyethylene enterprises fell back last week, PE production increased, and market supply increased
.
The operating rate of various downstream industries in PE decreased from the previous week overall
.
Among them, the decline of hollow enterprises is particularly obvious, while the operating rate of film enterprises has rebounded
slightly.
This week, the inventory of production enterprises stopped falling and rebounded, but the increase was not large, and the impact on the market still needs to be observed whether subsequent inventories continue to rise
.
The National Standing Committee twice talked about the commodity price issue, which triggered the market's expectations for price control, and it is expected to suppress the upside of the line, and Guangdong's peak-shifting production is expected to also affect the PE downstream industry
.
The intraday L2109 contract encountered resistance to the upside, indicating that there is still pressure
above.
The future market pays attention to the support of the 7770 line
.
Operationally, it is recommended that investors trade in
ranges.
