Rida Futures: PP Probe Low and Rise Short-term Wait-and-See

Release time:

2018-08-14

PP futures prices are relatively stable

Disk situation: PP1901 contract opened at 10088 yuan/ton, with a maximum of 10150 yuan/ton and a minimum of 9980 yuan/ton, closing at 10098 yuan/ton, down 0.46 per cent from 47 yuan. Volume reported 314128 lots, with positions increased by 4324 lots to 473402 lots.

News: PP Market: Today, PP PetroChina North China Dushanzi K8003 raised 100 yuan/ton to 11700 yuan/ton, EPS30R raised 100 yuan/ton to 11400 yuan/ton, and Zhongrong copolymerization raised 100 yuan/ton. China Oil Northeast Wire Brushed Up 50 yuan/Ton, Daqing Refining T30S Up 10100 Yuan/Ton, Co-Daqing Refining EPS30R Up 100 Yuan/Tat 11000 Yuan/Ton Today; Futures Down, the market has a strong wait-and-see mentality and deals in general.

Raw material price: naphtha CF daily reported 635.5 US dollars/ton, down 3.75 percent; FOB Singapore reported 69.27 US dollars/barrel, down 4.3 percent. South Korea's FOB propylene price was 1075 US dollars/ton, up 5 US dollars, while the domestic propylene price was 9475 yuan/ton, flat.

Spot price: Southeast Asia reported $1230, flat; Far East reported $1230/ton, flat. Domestic: Qilu in North China has no quotation; East China 3 yuan 10050 yuan, down 50 yuan; South China Maoming 10300, down 100 yuan.

Summary of views: PP1901 contract probe low recovery, positions also slightly increased. Fundamentally, social inventories have fallen significantly, supporting prices, but loose spot prices may limit PP gains. And after a continuous rise, there is a certain profit selling pressure in the short term. Technically, MACD has high signs of flattening, KDJ indicators continue to be in a state of divergence, short-term need to prevent technical adjustment. Operationally, it is recommended that investors temporarily wait and see or day trading is appropriate.

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August 14 PP plastic price quotes

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