A brief comment on the PP market of China Plastics

2022-08-17
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On December 31, China Plastics warehouse receipt PP market brief comment

I. Market Overview:

today's market mentality did not show obvious signs of improvement. In the morning opening, PP opened low as a whole, of which pp0701 and pp0706 fell significantly, pp0701 opened with a limit of decline, and then the PP Market rose slightly driven by the buyer, the index fluctuated upward, and closed down slightly in the late trading. PP warehouse receipt index closed at 1316.27 points, down 2.52 points from yesterday's close. Today, both sides of the transaction were cautious, the trading atmosphere was cold, the transaction volume shrank seriously, the short-term operation was mostly accompanied by some bilateral closing positions, all the buffers ordered were broken, and the volume of goods fell. The daily chart of PP index closed at the short negative line, and the entity intersected at the 5-day and 10-day moving average. The price line in the brin line ran to the medium track, and the green column in the MACD index continued to shrink, and the technical side did not give a clear signal

II. Analysis of main varieties:

pp0703 opened slightly lower today. After a short period of consolidation, the intraday price fluctuated and extended horizontally in a narrow range. The trend became stable and fell slightly at the end of the day. The settlement price fell by 22 yuan/ton compared with the previous trading day. The daily K-line closed short, the entity intersected at the 5-day moving average, and the Shangying line touched the 10-day moving average. The trading volume on the disk was deserted, and the transaction volume continued to shrink. It was reported that the volume of orders fell slightly, and the disk buyers were slightly dominant, but did not effectively push up the price

pp0704 today, the opening price fell slightly, the intraday price fluctuated and sorted out, and the range was limited. In the late trading, the settlement price fell slightly by 26 yuan/ton compared with the previous trading day. The daily K line closed short and negative. The entity intersected with the 5-day and 10-day average. The intraday trading was weak, the transaction was not smooth, the trading volume fell significantly, and the order volume fell slightly

it will be troublesome to buy if it is too complicated. Third, comprehensive comments:

from Jinan gold testing machine closed on Friday, WTI and Brent closed at $61.05 and $60.86/barrel, up $0.52 and $0.19/barrel respectively. In terms of spot goods, the ex factory price of domestic petrochemicals has generally stabilized, with little change in quotation. The situation of markets around the world is stable today. Affected by the new year's day, the atmosphere is flat, and the overall supply of goods in the market is not much. Traders actively seek transactions, have no intention to build positions, and there are few transactions in the morning. The market quotation of PP raw materials in Yuyao plastic city maintained the early stage, and the inquiry was cold. On the whole, PP continues to consolidate in a weak position, and the situation has not changed

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

source of information: China plastics trading

note: the source of this reprint is indicated. The reprint is for the purpose of transmitting more information, and does not mean to agree with its views or confirm the authenticity of its content

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