A brief comment on the PP market of China Plastics

2022-08-02
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On April 8, China Plastics warehouse receipt PP market brief comment

the settlement price of crude oil futures fell below $50 a barrel on Tuesday, the first time in a week, dragged down by high inventory; Crude oil inventories seem set to increase further. The New York Mercantile Exchange accelerated the growth of the talent team. The settlement price of the light and low sulfur crude oil futures contract in May fell by $1.90 to $49.15 a barrel, or 3.7%, and fell to $48.89 a barrel in late trading. ICE Futures Exchange may Brent crude oil futures contract settlement price fell $1.02 to $51.22 a barrel

today, the spot market has weakened, the panic selling mentality has gradually increased, and some market quotations based on the oil cylinder lower mounted main engine have slightly upside down. Petrochemical continues to raise the ex factory price, which is weak in supporting the market. At present, the positive shipment of merchants has also triggered changes in the packaging industry, and the demand has fallen into wait-and-see

today, the opening price of China Plastics PP warehouse receipt opened sharply lower, the early low level fluctuated slightly and fell to the bottom limit, the middle and rear markets did not improve, and the transaction was not smooth. By the end of the market, the index closed at 1045.18 points. The main variety pp0907 opened low and went low at 9380 yuan/ton. In the early stage, the buyer supported the low position and went up slightly, but was suppressed by the seller and fell back to the limit. After that, the market was deserted, and went horizontally to the end of the market to close at 9365 yuan/ton. The settlement price of pp0907 was 9373 yuan/ton, down 282 yuan/ton compared with the previous trading day. Today, the market trading atmosphere was slightly depressed. The sharp decline directly led to a sharp decline in trading volume and a decrease in order volume

today, petrochemical enterprises continue to substantially raise the ex factory price, but they lack support for the spot market, panic selling in the market, and their confidence is obviously insufficient. It is expected that the recent rise of China Plastics PP warehouse receipts will slow down and the downward channel will be opened

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

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