A brief comment on the PP market of China Plastics

2022-08-23
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On January 8, China Plastics warehouse receipt PP market brief comment

I. Market Overview:

oil prices fell sharply on Monday. Under the condition that the positive is still insufficient, China Plastics PP warehouse receipt market continues to suffer from the embarrassing situation of shock and decline. The opening fell sharply. Fortunately, the buyer supported it well, and the sharp decline momentum converged, but the downturn remained until the end of the session. The China Plastics PP warehouse receipt index closed at 125 at 3.81, down 4.24 points from the previous trading day. Technically, the daily K-line closed at short Yang, and the physical center of gravity continued to decline, with the 5-day and 10-day moving average finishing above the physical center of gravity; KDJ index rose slightly, subject to oversold areas; The opening of the Bollinger line shrinks to the average value, the price line moves along the middle and lower rail, and the price line declines. The trading atmosphere today was general, with a slight increase in trading volume and a relatively balanced intraday trading. Some buyers closed their positions and took in bargain hunting, while many sellers took advantage of the situation to build positions and place small orders. 4. Software and hardware were reduced

II. Analysis of main varieties:

pp0803 opened sharply lower at 11800/ton, and then continued to fluctuate upward in a narrow range until the end of the session, with a closing price of 11879 yuan/ton. The settlement price of pp0803 today was 11855 yuan/ton, down 45 yuan/ton from the settlement price of the previous trading day. The daily K-line closed at Zhongyang, and the center of gravity entity continued to decline, and the 5-day moving average was entrenched above the center of gravity of the entity; KDJ index fell, subject to oversold areas. The trading atmosphere today was general, and the double volume maintained a normal level

today, pp0804 opened sharply lower at 11800 yuan/ton. The buyer then supported strongly, and the market fluctuated upward, but it still failed to get rid of the decline, and the market ended down at 11888 yuan/ton. The settlement price of pp0804 was 11883 yuan/ton, down 29 yuan/ton from the previous trading day. The daily K-line closed at Zhongyang, the center of gravity entity moved down, and the 5-day moving average was above the center of gravity of the entity; KDJ indicators continue to fall, subject to oversold areas. Today's trading atmosphere was good, and both volumes increased to varying degrees

III. comprehensive comments:

crude oil futures fell to a two-week low on Monday, down nearly 3%, as the signs of slowing economic growth in the United States and the weather forecast that the temperature in the northeast of the United States will rise to historical records made the market worry that demand will not be able to support the oil price of nearly $100 a barrel. The settlement price of WTI February crude oil futures contract fell $2.82, or 2.9%, to $95.09 a barrel. The settlement price of February Brent crude oil futures contract on the ICE Futures Exchange fell 2.40 cents to $94.39 a barrel. The PP market trend of Yuyao plastic city is weak, the overall market is mainly stable, and some varieties are slightly lower. Although there are few market resources, due to the high price constraints, the overall demand is released slowly, especially the downstream factories are basically in the low load operation state, and the market purchase volume has always been maintained at a low level, so the actual market transactions are relatively light. The latest mainstream quotation of domestic wire drawing/injection plastic is yuan/ton, the mainstream quotation of domestic copolymer is yuan/ton, the mainstream quotation of imported copolymer is yuan/ton, and the mainstream quotation of monofilament powder is 11600 yuan/ton

it is expected that due to the insufficient recent positive conditions, the crude oil shock situation will be difficult to change for the time being, and the shock consolidation situation in the PP warehouse receipt market of sinoplastics will remain

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

source of information: China plastics trading

note: this reprint is for the purpose of transmitting more information, and does not mean that you agree with his view or confirm the authenticity of the customized ear plug printed with the new materials released by formlabs this time

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