A brief comment on the PP market of China Plastics

2022-08-22
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On May 18, 2009, a brief comment on the PP market of China Plastics warehouse receipt it was reported that crude oil futures closed lower on Friday, as investors' concerns about weak demand and high crude oil inventories reignited. The settlement price of June light sweet crude oil futures contract on the New York Mercantile Exchange fell $2.28, or 3.9%, to $56.34 a barrel, the lowest level since May 6. The futures contract once hit a six-month intraday high of $60.08 a barrel on Tuesday. The settlement price of July Brent crude oil on the ICE Futures Exchange fell $2.61, or 4.5%, to $55.98 a barrel. Traders said that the crude oil futures price failed to rise to the intraday high of $59 per barrel on Thursday, which triggered a technical sell-off, so the oil price was pushed down to below $56.55 per barrel

today, the trading atmosphere in PP market is cold, the quotation declines slightly, the transaction price is negotiable, and there is little demand. Businesses lack confidence in the aftermarket, which has a negative impact on the natural environment. Nanshan aluminum has become the first aluminum plate manufacturer with four doors and two covers for passenger cars in China. Xiangduo believes that it is still difficult to get rid of the negative situation in the aftermarket in the near future. The ex factory price of petrochemicals remains stable, the market price is still supported by costs, and the downstream demand is mainly wait-and-see

China Plastics PP warehouse orders opened sharply lower today, and then continued to accelerate the bottom. After that, the strength of the seller weakened, and the buyer supported the disk slightly. The middle and rear disk rose slightly, and the end of the disk index closed at 1005.62. Pp0908, the main variety, opened low at 8905 yuan/ton. In the early stage, the seller suppressed and fell to the bottom. The two sides in the middle market faced horizontal range shocks, and the buyer supported the shocks and rose in the late market. At the end of the market, it closed down at 8955 yuan/ton. The settlement price of pp0908 was 8920 yuan/ton, down 165 yuan/ton from the previous trading day. The daily index closed at the "t" line, and the 5-day moving average continued to decline, finishing above the physical center; KDJ index continued to decline, subject to oversold areas; The opening of BOL line is slightly enlarged and runs on the middle and lower rails, and the price line is slightly downward. The trading atmosphere in the market today was good, with a significant increase in trading volume compared with the previous trading day and a significant reduction in order volume

it is expected that there is a great possibility of a slight drop in the shock of the PP warehouse receipts of China Plastics in the near future

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

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