Since February, the oversupply has basically maintained the status quo, and the volatility of the spot market follows the trend of futures. The pricing action of upstream petrochemical is also the reference line of futures operation. Hong net expects that the future market support is weak, and polyolefin will mainly fall slightly.
1.Today's futures PE performance is weaker than PP, but in the short term, PP will fall slightly. In the afternoon, both varieties have the probability of pressure downward, then the price difference of PP/PE varieties will be reduced.
2.Polyolefin petrochemical parking and maintenance equipment is less, the maintenance time is short, and the petrochemical plant is normally discharged. Today, the petrochemical PP wire drawing part is reduced to the factory price, and PE is relatively stable.
3.The decline in US Cushing inventories and the disruption of crude oil supply in Libya have some support for oil prices.
Comparison of spot base difference in polyolefin phase
PE Interpretation
【PE Market Overview】
Due to the continued decline in the futures market, the cash market trading volume was relatively light today. Due to the lack of favorable factors to guide, traders pessimistic lower prices, but did not lead to more transactions. The current futures trend has a strong influence on the spot market, and the recent wide volatility of the futures has caused both the supply and demand sides to feel confused, so they maintain a wait-and-see attitude and wait for the direction of the futures market.
【PE market mainstream price list】
【PE device conversion dynamics】
PP interpretation
【PP Market Overview】
Today's PP spot market reaction was stable, mainly relying on the overall flat performance of the futures market. At present, the fundamentals of the spot market are bearish: on the one hand, the market price support of the petrochemical plant has weakened; On the other hand, the futures upside is weak. Moreover, the situation of oversupply has not been eased.
【PP market mainstream price list】
【Parking dynamics of PP device】
Upstream feedstock
Crude oil: Oil prices held steady early in the day on Monday before tracking U.S. stocks higher and Posting their biggest one-day gain in two weeks on reports of a drawdown in U.S. crude inventories in the Cushing region. In addition, supply disruptions in Libya have provided some support. As of the close, the main contract price of NYMEX WTI crude oil futures rose 1.89% to $62.61 / barrel; The main ICE Brent contract was up 1.55 percent at $65.56 a barrel.
