A brief comment on the PP market of China Plastics

2022-08-16
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On January 22, China Plastics warehouse receipt PP market brief comment

I. Market Overview:

today, China Plastics PP warehouse receipt trend is low, opening low. Dunhuang, Gansu Province is the location of the world cultural heritage Mogao Grottoes. In the early stage, the buyer supported the shock upward, but the mid Market began to be suppressed by the seller, and the shock downward trend remained until the end of the market. The China Plastics PP warehouse receipt index closed at 1252.17, down 8.13 points from the previous trading day. Technically, the daily K-line closed at the middle Yin line, the physical center of gravity fell, and the 5-day moving average was arranged above the physical center of gravity; The overbought area of KDJ index fell sharply and returned to the oversold area again; The opening of the brin line tends to be flat, and the price line breaks down in the middle and lower rail. Today, the trading atmosphere was good, the trading volume increased significantly, and the intraday sales volume was relatively large. Many buyers closed their positions and took in bargain hunting behavior, while some sellers took back some short-term positions and entered the new air force, and there was a phenomenon of relatively far and near shifting positions, with orders increasing slightly

II. Analysis of main varieties:

pp0803 opened sharply lower at 11800 yuan/ton. The buyer supported to raise the market in the early stage, and the middle and rear market continued to fluctuate downward, the decline remained unchanged, and the market ended at 11805 yuan/ton. The settlement price of pp0803 today was 11822 yuan/ton, down 85 yuan/ton from the settlement price of the previous trading day. The daily K-line closed at short Yang, and the center of gravity entity fell sharply, with the 5-day moving average higher than the center of gravity of the entity; KDJ index fell sharply, subject to oversold areas. Today's trading may change, and sometimes the fault will be eliminated. The trading atmosphere is cold, and the transaction is basically the same as that of the previous trading day, and the order volume is reduced

pp0804 opened low at 11908 yuan/ton today, with a volatile downward trend in the middle and early stages. Although there was a slight rise in the late trading, it was unable to recover the downturn, and ended down at 11908 yuan/ton. The settlement price of pp0804 was 11914 yuan/ton, down 74 yuan/ton from the previous trading day. The daily K-line closed at short Yin, and the center of gravity entity went down, and the 5-day moving average was arranged above the entity center of gravity; KDJ index went down, and the high-level dead fork entered the oversold area again. Today's trading atmosphere was good, with a significant increase in double volume

III. comprehensive comments:

on Monday, the price of crude oil futures market on the London ICE Futures Exchange closed lower, falling below $89. As concerns about the U.S. economic slowdown rose, the market intensified its doubts about the prospects for crude oil demand. The New York Mercantile Exchange was closed on Monday for the Martin Luther King Day holiday. Electronic trading is still open, but there is no settlement price. The settlement price of Brent crude oil futures with improved industrial system on ice exchange in March was US $87.51 per barrel, down US $1.72 from the settlement price on last Friday. The PP market performance of Yuyao plastic city is general, and the market is generally stable, with local narrow rises and falls. Therefore, many traders lack confidence in the future market, basically maintain low position operation, and the operation intention is weak; Downstream users are mostly on the sidelines, and the actual receiving volume is limited, so the market transaction is still not ideal. The latest mainstream quotation of domestic wire drawing/injection plastic is yuan/ton, the mainstream quotation of domestic copolymer is yuan/ton, the mainstream quotation of imported copolymer is yuan/ton, and the mainstream quotation of monofilament powder is 11600 yuan/ton

it is expected that the recent shock and consolidation of PP warehouse receipt market will remain

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

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 views or confirm the authenticity of its content

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