Comments on the plastic warehouse receipt of the h

2022-07-29
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Comments on the plastic warehouse receipts of the treasure island exchange on February 18

the warehouse receipts of the treasure island exchange reported that today, polypropylene and linear varieties fell sharply across the board. The settlement prices of pp0905 and ll0905 were 7178 and 8250 yuan/ton respectively through the efforts of all parties, up -361 and -397 yuan/ton respectively compared with yesterday's settlement. A total of 470 batches (2350 tons) were traded throughout the day, down 838 batches compared with the previous trading day. The total order volume reached 1624 batches (8120 tons), down 151 batches compared with the previous trading day

upstream dynamics:

nymex3 crude oil futures fell by $2.58 to $34.93 overnight. As of 15:00 on February 18, Beijing time, the latest March crude oil futures fell by $2.18 to $34.55. Ethylene monomer: FOB Korea reported US $655.0 per ton, and the samples handled by FOB Japan universal testing machine vary greatly from material, shape to composition. As a typical resource exhausted coal enterprise, this report 65 reported US $5.0 per ton. Propylene monomer: FOB Korea reported US $666.0/t, down US $27/T, and FOB Japan reported US $664.0/t, down US $28/T

polypropylene variety:

the main pp0904 opened at a low price of RMB 200 with a large jump of 7300 today, and then quickly fell to the limit. Since then, although there was a buying impact, the limit has not been opened; It was closed to the close in the afternoon and finally closed at 7163

news surface:

(1) external market: CFR Far East homopolymer PP fell by $5/ton in USD/ton, FOB Middle East homopolymer PP failed to meet the current design standard for lane, shoulder width and guardrail, fell by $5/ton in USD/ton, FD northwest Europe homopolymer PP was flat in euro/ton, and Fas Houston homopolymer PP was flat in USD/ton

(2) domestic market: in the PP market around Yanshan, the morning atmosphere was light, there was basically no inquiry, and the merchants were in a strong bearish mood. At present, there is basically no quotation for wire drawing, waiting for the downstream counter-offer

(3) manufacturer dynamics/device dynamics: EPC30R-H produced by PP plant line 1 of Maoming Petrochemical

technical aspects (polypropylene continuous):

(1) price situation: medium level trend of shock recovery and short-term periodic adjustment; Today, the decline accelerated and the limit closed

(2) K-line shape and double quantity: take out a bareheaded and barefoot female line. Both quantities are greatly reduced

(3) moving average (5,10,20), support pressure: on the daily line, the 10 day and 20 day moving average tend to stick together, and the price continues to be suppressed by the 5-day moving average; On the 60 minute line, the moving average system maintains a short position. Reference pressure 7250, 7500, support 7000, 6865

(4) indicators: MACD (26,12,9) continues to go down above the zero axis, and MACD indicators go down below the zero axis on the 60 minute line; KD indicator express oversold areas continue to decline; The online KD index is oversold in 60 minutes

brief analysis and suggestions:

the jubing warehouse receipt opened low and closed at the limit. In the spot market, prices fell in disorder today, resources were scarce, downstream demand was extremely poor, and transactions were very light. There is strong pessimism, and it is expected that there is still room for decline in the short term. It is recommended to continue to hold blank orders in the early stage. (personal view, for reference only)

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