A brief comment on the PP market of China Plastics

2022-08-08
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On August 21, 2009, China Plastics warehouse receipt PP market brief comment

China Plastics price index fell 3.70 points to 1007.77 points, and China Plastics warehouse receipt index fell 6.69 points to 972.94 points

I. upstream review

on Thursday (August 20), West Texas light oil futures on the New York Mercantile Exchange closed at $72.54 a barrel, up $0.12 from the settlement price of the previous trading day, with a trading range of 71 $88; London Intercontinental Exchange makes clear every step before operation. The settlement price of Brent crude oil futures in October was $73.33 a barrel, down $1.26 from the previous trading day, with a trading range of 73 $78

Far East propylene closed at USD/ton FOB South Korea on Thursday, stabilizing. European propylene closed at euro/ton. FD is small but powerful. Northwest Europe and euro/ton CIF northwest Europe have a stable trend. Us propylene closed at 51 255 cents/pound, up 1.375 cents

II. Fundamental news

① spot market:

pp market is weak, petrochemical listing supports market quotation, but the strength is not strong, and the offer of merchants still shows signs of decline. International oil prices are mixed, traders are confused, and most of them are onlookers. In the absence of information guidance, downstream factories are not enthusiastic about receiving goods, and transactions continue to be impeded. The latest mainstream quotation of domestic wire drawing/injection plastic in Yuyao plastic city is yuan/ton, and the mainstream quotation of domestic copolymer is yuan/ton

② dynamics of China Plastics spot Mall:

in this morning, the listing of PP in China Plastics spot mall was generally stable, and the quotations of a few brands were adjusted, mainly downward, with a range of yuan/ton

III. technical status

main warehouse receipts

opening price

closing price

settlement price

trading volume

order volume

pp0909

10100

9910

10012

374

1507

pp0910

10120

10032

10108

1097

1866

today's opening, PP warehouse receipts opened low and went low. In the early stage, the market was suspected of bottoming up, but the callback was not strong, and the market fell again, And fell below the low point of the early rebound before the closing of the morning trading, which increasingly shows the poor strength of many parties. At 11:30 a.m., the transaction ended, and the PP warehouse receipt index fell 5.20 points to 1126.69 points. In the afternoon opening, the warehouse receipts continued to decline, and closed down in the late afternoon. The final PP warehouse receipt closed at 1124.25 points, down 7.64 points or 0.68% from the previous trading day. The K-line of the index closed down at the negative line, the MACD index continued to decline, the green column increased, the KDJ index fell again, and continued to operate in the oversold area. The opening of the BOL line was slightly enlarged, and the price line was horizontally shifted. Today's trading volume was acceptable, with 1731 batches of trading volume and 3643 batches of ordering volume

the main variety pp0910 opened low and went high, entering the pattern of horizontal consolidation to improve production efficiency. The buyer and the seller played a fierce game, and the quotation was sometimes exchanged up/down, but the overall trend was below yesterday's settlement price. After 11:00, many parties could not continue to maintain the consolidation situation, and the index gradually fell, ending sharply lower in the late trading. At the end of the session, pp0910 closed at 10032 yuan/ton, down 141 yuan/ton, and the daily K line closed negative

IV. future forecast

in terms of spot oil, crude oil retreated downward within the day, and the high before the impact is not optimistic. Although the market is deadlocked, the inventory pressure is large. So that the material has the ability to inhibit or kill surface bacteria. In terms of class 1 material warehouse receipts, today's warehouse receipts and Liansu market continue to decline. Although the decline is not much, it shows that the market short position expectation is still strong, and it is appropriate to hold a small amount of short positions in operation

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