A brief comment on the PP market of China Plastics

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On November 1, China Plastics warehouse receipt PP market brief comment

I. Market Overview:

crude oil futures hit a record high on Wednesday. The good news that followed and the gradually improving market atmosphere significantly boosted today's China Plastics PP warehouse receipt market. The opening price was high and the opening price was high. Today, buyers were enthusiastic and rose, the front price was significantly higher, the support surface was strong, the middle and rear price was high and slightly upward, and the end price rose. At the end of the session, the China Plastics PP warehouse receipt index closed at 1321.19, up 13.77 points from the previous trading day. Technically, the daily K-line closed at Zhongyang, and the focus entity rose, ranking above the 5-day moving average; KDJ indicators began to rise and continue to be subject to overbought areas; The opening of the brin line continues to enlarge, and the price line is floating on the upper rail. Today, the overall trading volume increased slightly, the order volume decreased, the market atmosphere warmed up, and it is not impossible to continue to rise in the future. In terms of transaction details, intraday trading is relatively balanced, and both sides have many opening and closing positions. It is expected that the rise in the high level of crude oil will once again drive the arrival of a wave of warehouse receipt market, and the bullish enthusiasm in the future is still high

II. Analysis of main varieties:

pp0712 opened at a high of 12155 yuan/ton. As the crude oil price closed sharply again today, the buyer was full of confidence and the sound of rising one after another. The disk has been in a sharp upward trend, and the closing price was 12365 yuan/ton. The settlement price was 12 yuan, which was 136 yuan/ton higher than that of the previous trading day due to the low risk of establishing a recycled plastic granule factory of 274 yuan/ton. The daily K-line closed in Changyang, and the center of gravity of the entity moved upward. The power of the selected Electromechanical is only 46 above the 5-day moving average. Positive impact, today's trading volume increased, the order volume decreased again, traders' enthusiasm was high, and the future market was optimistic

pp0801 opened significantly higher at 12360 yuan/ton. In the early stage, the two sides competed for the high position, and the buyer's strength was dominant. In the middle and late session, the market accelerated and closed higher at 12448 yuan/ton. The settlement price was 121 yuan higher than the previous trading day. The daily K-line closed at Zhongyang, with the center of gravity moving on the entity and above the 5-day moving average. Today's trading atmosphere is good, the trading volume hit a new high, and the enthusiasm for bullish market outlook is high

III. comprehensive comments:

crude oil futures hit a record high on Wednesday, as the US Department of energy previously released data showed that crude oil inventories fell unexpectedly last week. In addition, the U.S. Federal Reserve recently announced a 25 basis point interest rate cut, which is in line with market expectations. The settlement price of WTI December crude oil futures contract rose $4.15 to $94.53 a barrel, a new high in the settlement price of delivery contracts in recent months. The settlement price of Brent crude oil futures contract in December rose $3.19 to $90.63 a barrel. The PP situation of Yuyao plastic city is good, the transaction remains average, and the market is generally stable. Downstream demand has not recovered significantly, and the transaction is still not ideal. The latest mainstream quotation of domestic materials for wire drawing/injection molding is yuan/ton, that of domestic materials for copolymerization is yuan/ton, that of imported materials for copolymerization is yuan/ton, and that of monofilament powder is 11850 yuan/ton

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

the overall planned production capacity of the project is 40000 tons/year

source of information: China plastics trading

note: the source of this reprint is indicated. The reprint is for the purpose of transmitting more information, and does not mean to agree with its view or confirm the authenticity of its content

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