A brief comment on the PP market of China Plastics

2022-08-12
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On March 12, China Plastics warehouse receipt PP market brief comment

crude oil futures fell to a one week low on Wednesday because the U.S. government previously announced that crude oil and distillate oil inventories appeared last week, and China issued the "1025" development plan for the national new material industry "to rise. The spot market has light trading, and the market is generally stable, with local narrow fluctuations. Yesterday, the international oil price fell sharply, which had a certain impact on the sentiment of businesses. The development of high-performance lubricants, environmental friendly water-based coatings, pesticide intermediates and other large-scale, wide-ranging, refined and refined products. Although the supply in hand is low, there is basically no pressure, but out of caution, the intention to attract goods is generally not strong. China Plastics PP warehouse orders opened low today, with discontinuous oil output from the oil return pipe of the front oil delivery valve or a period of shaking to suppress the downward bottom. After that, the buyer pulled up all the way, the disk situation reversed, and the shock upward turned into an increase in the late trading, and the end of the trading index closed at 842.91 points. The main variety pp0905 opened low at 7500 yuan/ton, fell slightly in the early stage, and then the buyer entered the market to push up the market, closed flat in the morning, and in the afternoon, the buyer again made substantial support, accelerated the rise, and then fluctuated high, and finally closed up at 7710 yuan/ton. It is normal for the leading PP industry to occupy more than 20% of the market. The settlement price of 0905 was 7606 yuan/ton, up 43 yuan/ton from the previous trading day. Today's market trading atmosphere is good, with a large increase in double volume

it is expected that the warehouse receipts of China Plastics PP will continue to be dominated by shocks tomorrow, supplemented by small rises

(personal view, for reference only; enter the market accordingly, at your own risk)

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