The hottest weekly review of PP market atmosphere

2022-08-08
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[PP weekly review] the market atmosphere has warmed up. PP warehouse receipts rebounded at a low level.

first, this week's market (November 10 to November 14):

with the gradual implementation of the "limited production quotation" policy of petrochemical enterprises, social resources have given industry insiders a certain imagination space, and the market speculation mentality has grown. Second, the range driving force of factors has weakened, and the upstream monomer has stopped falling and stabilized. The overall atmosphere of the PP warehouse receipts market this week is good. As of Friday's close, the PP warehouse receipt index closed at 669.01, up 96.64 points from last Friday. The settlement prices of various varieties of PP warehouse receipts began to rise this week

on Monday, crude oil futures on the New York Mercantile Exchange closed slightly higher, maintained a narrow intraday fluctuation, and fell below the $60 per barrel level for the first time since March 2007. The rise in oil prices mainly followed the rise in the stock market. China Plastics PP warehouse receipts fluctuated, pp0903 fell by the limit, and the rest all rose by the limit. The opening price was high and the opening price was high. In the early stage, the upward trend was accelerated, and then the horizontal consolidation was carried out. To the end of the day, the index closed at 589.73. On Tuesday, the settlement price of crude oil futures rose on Monday, and the oil price finally closed above the $60 per barrel level, boosted by China's large-scale economic stimulus plan. Plastic PP warehouse receipts rose moderately, opening higher and opening lower, and then sideways consolidation, to the end of the index closed at 606.67 points. On Wednesday, the settlement price of crude oil futures on Tuesday was below $60 a barrel, falling below this level for the first time since March 2007, mainly due to the resurgence of concerns about China's economic cooling. With the exception of pp0903's decline, all other categories of China Plastics PP warehouse receipts rose by the limit, opening low and opening high, and the buyer rose sharply. After that, the high-level operation fluctuated horizontally, and the end of the day index closed at 622.28 points. On Thursday, crude oil futures fell to a 22 month low on Wednesday, dragged down by expectations that oil demand will continue to be weak. China Plastics PP warehouse receipts soared for four consecutive days, opening low and opening high. In the early stage, the buyer's support rose rapidly, and then the high level fluctuated and went flat horizontally. To the end of the day, the index closed at 643.26 points. On Friday, crude oil futures followed the U.S. stock market higher on Thursday, unaffected by a series of indicators showing weak oil demand. China Plastics PP warehouse receipts continued to rise sharply, and the opening limit rose to the end of the day, and the index closed at 669.01

the average trading volume on Sunday was 5266 tons, 1273 tons less than last week; The order volume on Friday was 4046 batches, an increase of 605 batches over the weekend

the transaction details of a week are as follows:

warehouse receipt variety

settlement price (yuan/ton)

PP warehouse receipt average transaction this Sunday (ton)

PP warehouse receipt order quantity (batch)

this weekend

last weekend

rise and fall

this week

last week

increase and decrease

this week

last week

increase and decrease

pp0901

6150

5290

860 ↑

5266

6539

1273 ↓

4046

3441

605 ↑

pp0902

6179

5251

928 ↑

comprehensive analysis:

the weekly K-line chart of PP index closed at Changyang line this week, and the 5-day average continued to decline, And it is arranged above the center of gravity of the entity. On the K-line chart of the index day, there are three positive and two positive results. The impact of packaging waste on the environment can not be ignored, and the low-level upward trend can not be ignored. To the end of the week, the K line receives the short negative line; MACD indicator shows a downward trend of low-level bulls, and the green column begins to shrink; KDJ index low Jincha, is still subject to oversold areas; On the K-line of the day, the boll index showed that the opening narrowed, and the late trading entity swam in the middle of the price line, and the price line tilted upward

crude oil futures followed the U.S. stock market higher on Thursday, unaffected by a series of indicators showing weak oil demand. The trend of the stock market supported oil prices, and the International Energy Agency significantly revised down its oil demand expectations for 2008 and 2009 earlier today. IEA currently predicts that China's oil demand in 2009 will be lower than previously expected. IEA previously believed that China's strong oil demand would help offset the negative impact of the decline in oil consumption in developed countries. Data released by the U.S. Department of energy on Thursday showed that the demand for refined oil in the United States for the month ended November 7 fell by 6.6% year-on-year. Government data also showed that although refineries cut operating rates and imports, gasoline inventories unexpectedly increased by 2million barrels last week. In order to curb the further decline of oil demand and prices, the Arab oil producing countries of the organization of Petroleum Exporting Countries (OPEC) have decided to hold a meeting on November 29. It is expected that non Arab member countries will also request the Zibo Municipal government to delegate approval to all departments as far as possible to attend the meeting. OPEC is scheduled to hold a meeting in Oran, Algeria, on December 17, and may announce the second round of production reduction decisions at the meeting. By Friday's close, WTI closed at $58.24/barrel, down $2.53 from last Friday, and Brent fell $5.44 to close at $51.99/barrel. In this period, the decline of PP market is full, and the market decline continues. In this period, the decline of PP market eased and the market fluctuated slightly. The market, which has been suppressed for a long time, finally ushered in a wave of recovery in this period. The market stopped falling and stabilized, and some quotations rebounded. However, it is worth noting that the orders of downstream factories are insufficient, and they are still hesitant about whether to fully enter the market to cover positions. Terminal demand shows no signs of starting, so the rebound of this wave of market is limited

it is expected that the PP warehouse receipt market of China Plastics Co., Ltd. is likely to rise in shock next week

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

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