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[PP weekly review] petrochemicals strongly supported the high rise of PP warehouse receipts

I. this week's market (from May 12 to May 16):

this week's warehouse receipts market high continued to rise, with sufficient buyer confidence and a warming market transaction atmosphere. As of 15:00 on Friday, the China Plastics warehouse receipt index closed at 1425.51, up 27.86 points year-on-year over the weekend. The settlement prices of various varieties of PP warehouse receipts continued to rise sharply this week

on Monday and Friday, the crude oil futures price in New York market hit a new high for the fifth consecutive day. Driven by the demand for distillate oil in the global market, the price of crude oil broke through $125 per barrel. The warehouse receipts of China Plastics PP opened higher and remained strong. The buyer's support continued to rise, and the end of the session index closed at 1386.37. On Tuesday, although crude oil futures once again set the highest record in the session, the settlement price fell, profit taking dominated, China Plastics PP warehouse receipts opened higher and went lower, the seller's disk was suppressed and fell, the mid session turned to a decline, the decline in the mid and post session did not decrease, continued to fluctuate and decline, and closed at 1385.74 at the end of the session. On Wednesday, the settlement price of crude oil futures rose on Tuesday, driven by the rise in heating oil and market concerns about Iran's oil production. China Plastics PP warehouse orders opened higher and went higher. The buyer's confidence was sufficient to support the accelerated upward movement of the disk, and the strength did not decrease. At the end of the session, the index closed at 1402.74. On Thursday, crude oil futures in the New York market closed sharply lower on Wednesday, as the US government previously released a report showing that distillate oil inventories rose more than expected. The PP warehouse receipt of Sinochem opened sharply lower, and then the buyer accelerated the upward movement, and fell slightly higher. The horizontal fluctuation in the middle and rear market leveled to the end of the market, and the closing index closed at 1397.61 points. On Friday, crude oil futures closed down on Thursday, calming down for the fourth time since Yi RI. China Plastics PP warehouse orders opened higher, fell slightly in the early stage, and then rose to intraday support. The horizontal shock in the middle and rear sessions fell slightly to the end of the session, and the closing index closed at 1402.46 points

as of the end of Friday, PP warehouse receipt index closed at 1402.46, up 16.09 points from last Friday. The average trading volume on Sunday was 8813 tons, an increase of 1789 tons over last week; The order volume on Wednesday was 2968 batches, an increase of 384 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

last week

increase and decrease

this week

last week

increase and decrease

pp0806

13636

13294

342 ↑

8813

7024

1789 ↑

2968

2660

384 ↑

pp0807

13704

13435

269 ↑

II. Comprehensive analysis:

this week, the weekly K-line chart of PP index closed at the Zhongyang line, and the 5-day and 10-day moving average continued to rise and reorganized below the physical center of gravity. On the K-line chart of the index day, there are four positive and one negative, and the market trend of high-level shock consolidation appears on the disk. To the end of the week, the K line receives the short Yang line; MACD indicator shows a high and long upward trend, and the red column continues to enlarge; The high level of KDJ index rises slightly, and continues to be subject to overbought areas; Looking at the boll index on the daily K line, the opening was slightly narrowed, and the late trading entity moved on the price line, with the price line slightly upward

the international energy agency lowered the important requirements for the device of the global oil dynamometer. You are forecasting the growth of demand, and the oil price should fall on Tuesday. However, it is rumored that Iran may discuss reducing production. On Tuesday, the light crude oil in New York surged after falling and was close to $127. However, Iran's state-owned oil company promised not to reduce production on Wednesday, and international oil prices continued to fall on Wednesday. U.S. oil inventory data showed that U.S. distillate inventories increased last week, easing concerns about diesel supply shortages and accelerating the downward trend of oil prices. By Friday's close, WTI closed at $124.12/barrel, up $0.43 from last Friday, while Brent fell $0.21 to close at $122.63/barrel. The PP market continued to rise this week. In terms of petrochemicals, the ex factory price of petrochemicals continued to rise to about 13500 yuan/ton this week after breaking the high of 13000 yuan/ton last week. After the price rise of petrochemicals, the market did not rise significantly, and traders still have considerable profit space. Under such circumstances, downstream factories have shown the pressure caused by the long-term rise in raw materials. It is reported that some small-scale product enterprises have begun to consider whether to stop production. The current price is threatened by poor transactions, so the market part begins to adjust its pace near the weekend. The overall mentality of traders is OK, but there are also concerns about the future market

it is expected that the high-level shock consolidation in the PP warehouse receipt market of China Plastics Co., Ltd. will be more likely next week

(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