Due to the sharp rise in outer oil prices during the National Day, the return of the long holiday, polypropylene futures soared for two consecutive days. However, with the cash, polypropylene prices opened a unilateral downward trend, in addition to October 22, the rest of the time prices are below the 5-day line, the market weakness can be seen.
As of the close of November 3, the main 1601 contract of polypropylene futures closed at 6780 yuan/ton, down 85 yuan/ton from the previous trading day, down 1.24%; Compared with the rebound high on October 9, it fell by 646 yuan/ton, or 8.70%. The price of polypropylene not only received a green plate, but also hit a record low.
In order to judge the price trend of polypropylene in the later period, we carry out a simple volume analysis of polypropylene futures.
On the stock of funds, as of the close of November 3, the opening margin of the 1601 contract was roughly 740.34 million yuan (only counting the margin retained by the exchange), an increase of 22.22 million yuan from the previous trading day, and an increase of 174.83 million yuan from the opening of the falling market on October 12. As the price fell, the money did not flee, but continued to increase, indicating that the bears believe that the price still has room to fall.
Polypropylene futures market, the main differences are still large. Polypropylene, polypropylene quotes, polypropylene manufacturers. As of November 3, the top 20 seats held a total of 132,799 positions, the top 20 seats held a total of 136,179 positions, and the main position was a net short single 3,380 hands. Short advantage is not obvious. From the plate point of view, the short slightly superior, the bulls did not concede, the long and short game intensified, polypropylene trading active.
In terms of positions and transactions, as of the close of November 3, the turnover of 1601 contracts was 875,844 lots, an increase of 92,236 lots from the previous trading day, an increase of 11.77%; Compared with October 12, 28,266 units increased, an increase of 49.06%.
At the same time, the open position was 435,944 lots, an increase of 18,004 lots from the previous trading day, an increase of 4.31%; Compared with October 12, an increase of 129,680 lots, an increase of 42.34%.
The volume and position of the 1601 contract are increasing, indicating that the shorts are increasing their positions, the market volume can be sufficient, and the price may continue to fall.
On the warehouse receipt, as of November 3, the registered warehouse receipt of polypropylene futures was only 489, which can be ignored compared to the position of more than 400,000 hands. Warehouse receipts have a very limited impact on polypropylene prices.On November 3, the 1601 polypropylene futures contract hit a record low, and the amount of funds, trading volume and positions are increasing, and the overall trend of increasing positions is falling. Given the balance of long and short forces, prices may continue to fall in the short term due to inertia. Once there is an external stimulus, the market will reverse.
