A brief comment on the PP market of China Plastics

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On May 20, 2009, China Plastics warehouse receipt PP market brief comment

crude oil futures closed higher on Tuesday, as a fire broke out in two refineries, endangering gasoline supply this summer. The settlement price of the June light sweet crude oil futures contract on the New York Mercantile Exchange (NYMEX) expiring on Tuesday rose 62 cents, or 1.1%, to $59.65 a barrel, reaching a six-month high. The settlement price of July Brent crude oil futures on the London Intercontinental Exchange (ice) rose 45 cents, or 0.8%, to $58.92 a barrel

today, the quotation of PP market continues to decline, and there is more room for negotiation of the transaction price of CO injection plastics, and merchants continue to actively ship. The experimental standard related to the overall safety of production and operation in the petrochemical industry (1) clearly stipulates that the diameter ≤ 12mm adopts the force value of 900N to stabilize the new listing price, with little change. The mainstream of wire drawing is listed at 9400 yuan/ton, and the low melting copolymerization is listed at yuan/ton. The trading volume of some low-cost sources in the market has increased, but the overall trading atmosphere is still depressed

China Plastics PP warehouse orders opened sharply lower today, and then opened lower and went lower. The front session was volatile and downward, while the middle and rear session was horizontally volatile and flat. The late session continued to decline slightly, and the end of the session index closed at 1002.00. The main variety pp0908 opened low at 8960 yuan/ton. In the early stage, the two sides faced off a large range of shocks. Due to its lightweight, durable and conductive characteristics, the plate vibration slowed down in the middle and rear plate, and the seller suppressed the decline in the late plate, ending with a decline of 8851 yuan/ton. The settlement price of pp0908 was 8906 yuan/ton, down 94 yuan/ton from the previous trading day. PP daily index closed at the short negative line, and the 5-day moving average continued to decline, finishing above the physical center; KDJ index goes down, subject to oversold areas in one of these states; The opening of BOL line continues to enlarge and moves on the lower rail, and the price is broken down. The trading atmosphere in the market today was general. The trading volume increased compared with the previous trading day, and the order volume increased slightly

it is expected that the PP warehouse receipts of China plastics will continue to consolidate in shock tomorrow

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

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