A brief comment on the PP market of China Plastics

2022-09-23
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On February 22, China Plastics warehouse receipt PP market brief comment

I. Market Overview:

today, China Plastics PP warehouse receipt market performed well, opening high and opening low, and quickly fell back and explored low in the early stage. The middle market buyers began to support strongly, rebounded up to the end of the market, but failed to break the decline. The China Plastics PP warehouse receipt index closed at 1240.32, which was 0.05 points lower than the previous trading day due to its enhanced ability to deal with trade protectionism. Technically, the daily K-line closed at the short negative line, the physical center of gravity rose, and the 5-day moving average rose, but it was still sorted below the physical center of gravity; KDJ indicators continue to rise, subject to overbought areas; The opening of the brin line is narrowed, and the price line is wandering along the medium rail transit, and the price line is slightly downward. The market trading is still relatively active and the transaction is still good; Intraday trading was relatively balanced, with many buyers selling back in the short term and new forces entering, while the sellers partially closed their positions and sold short at high prices, with little change in orders

II. Analysis of main varieties:

pp0804 opened low at a high of 11850 yuan/ton, and then fell during the exhibition. After that, it was supported by the buyer to shake the upward trend, breaking the decline in the session, and continued to shake up in the middle and rear sessions, closing up at 11835 yuan/ton. The settlement price of pp0804 was 11821 yuan/ton, down 5 yuan/ton from the previous trading day. The daily K-line closed at short Yin, and the center of gravity entity was sorted above the 5-day and 10-day moving average; KDJ indicators continue to rise, subject to overbought areas. Today's trading atmosphere is general, and the double volume is basically stable

pp0805 opened low at 11890 yuan/ton. After falling back in the early stage, it rebounded upward with the strong support of the buyer and continued to close at 11906 yuan/ton. The settlement price of pp0805 today was 11887 yuan/ton, up 16 yuan/ton from the settlement price of the previous trading day. The daily K-line closed at the short positive line, and the center of gravity entity rose slightly, and the 5-day and 10-day moving average were sorted below the center of gravity of the entity; The high level of KDJ index rises, subject to overbought areas. The trading atmosphere today was general, and the double volume transaction was acceptable

III. comprehensive comments:

the settlement price of crude oil futures on the New York Mercantile Exchange (NYMEX) fell on Thursday, the first decline since February 12. The increase in U.S. crude oil and gasoline inventories caused the oil price to fall above $100 a barrel. Nymex4 crude oil futures market price in the first trading day of the contract fell $1.47 to $98.23 a barrel, down 1.5%. The settlement price of the contract in March reached 100.74 on the last trading day of Wednesday. Small factories were forced to raise prices due to scope and capital constraints, and lost the record level of customer dollars. ICE Futures Exchange April Brent crude oil futures contract closed down $2.18 to $96.24 a barrel, down 2.2% as the requirements increased. The PP market atmosphere in Yuyao plastic city was flat, most merchants waited and saw, and the transaction did not improve significantly. Market: the overall quotation has little change, basically maintaining a large stable and small dynamic trend. 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 11500 yuan/ton

it is expected that the PP warehouse receipt market of China plastics will have a slight upward trend in the near future

(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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