Market situation: PP1901 contract opened at 9805 yuan, the highest was 9866 yuan, the lowest was 9601 yuan, and closed at 9602 yuan, down 245 yuan, or 2.49%. The trading volume was 654668, and the position increased by 11098 to 476454.
News side: On the 9th, the online auction of Shenhua rose slightly. A total of 6525.28 tons of PP and PE products were auctioned throughout the day, and 3137.85 tons were sold, accounting for 48.09%. Among them, PP5236.28 tons were auctioned and 2601.85 tons were sold, accounting for 49.69%. 1289 tons of PE products were auctioned and 536 tons were sold, accounting for 41.58%. Linear auction was 950 tons, with 515 tons sold, accounting for 54.21%; low-pressure auction was 129 tons, with 21 tons sold, accounting for 16.28%; high-pressure auction was 210 tons, with all sold. Most of the transaction price is based on the auction floor price, and the premium in some places is 10 to 20 yuan.
Raw material price: Naphtha CF Japan reported 526 dollars/ton, -2.19%; FOB Singapore reported USD 59.89/barrel, -3.62%. Ethylene CFR Northeast Asia 920 dollars/ton, - 0%; CFR Southeast Asia reported 835 dollars/ton, - 0%. The FOB price of propylene in South Korea is 1020 US dollars/ton, - 0%, and the domestic propylene price is 8975 yuan/ton, - 0.83%.
Spot price: USD 1240 in Southeast Asia, - 0%; In the Far East, it is reported as 1200 dollars/ton, - 0%. Domestic: North China Qilu reported 10250 yuan, - 0%; East China Three Yuan RMB 10400,+0%; Maoming, South China: 10730 yuan, - 0%.
Summary of views: PP1901 fell back in shock, and the closing reached a new low again. The increase in trading volume and position significantly magnified, indicating that the short-term trend is still weak. Fundamentally, the crude oil pullback and propylene weakness suppressed the PP price. In addition, the spot market transaction was light and the short position atmosphere was diffuse, making PP regain its downward trend. Technically, the MACD median is flat, and the KDJ low turning head is downward, indicating that there is still a callback requirement in the short term. In terms of operation, it is suggested that investors should stop losses when rebounding, and it is better to wait and see for a short time.
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Editor in charge: Zhang Yao
