Domestic PP: Inventory Growth & Price Trends
Domestic petrochemical inventory: The inventory of polyolefins of two oils is 810,000 tons, an increase of 70,000 tons from last week.
Futures analysis: On June 23, PP2509 opened at 7235, the highest price was 7288, the lowest price was 7195, the position was 488510, the settlement price was 7237, the settlement price yesterday was 7268, the decline was 31, the daily trading volume was 387080 lots, the deposited funds were 2.483 billion, and the capital outflow was 25.47 million.
Market mainstream quotes for wire drawing:
Domestic spot market analysis: Today, the domestic PP market as a whole showed a trend of stopping rising and turning to falling. Except for a small increase in the market price in South China, the market prices in other regions fell, ranging from 10 to 50 yuan/ton. In terms of price: the mainstream price of domestic polypropylene ranged from 7110 to 7420 yuan/ton. Although the potential supply risk on the cost side of the PP market has not disappeared due to the geopolitical situation, the intervention of the United States has eased the concerns in the crude oil market. The international oil price has fallen slightly, and there is still a certain cost support for the PP market. However, the inventory of polyolefins of the two oils has accumulated inertia at the beginning of the week, and the downstream is still in the off-season of demand. The improvement is limited. The purchase of rigid demand is maintained, and the positive boost in the market is limited. Traders adjust the quotation and shipment according to the market, and the market trading atmosphere is general.
Analysis of the domestic futures market: The night market price of the PP2509 contract fluctuated downward and jumped up at the end of the market; after the opening of the morning market, it continued to rise to the intraday high of 7288 and then weakened, and then fluctuated slightly; the price rose in the afternoon, and then consolidated in a small range until the end. As of today's afternoon closing, the PP2509 contract fluctuated between 7195-7288 throughout the day, with a spread of 93, and the 09 contract reduced its position by 6373 lots, and the current position is 488510 lots.
Market Forecast: In terms of raw materials, in the short term, the crude oil market may be affected by the instability of the geopolitical situation, the traditional peak consumption season in the United States, and the negative factors such as OPEC+ maintaining its position of increasing production and the poor global economy. It is also necessary to pay attention to the impact of related changes on international oil prices. In terms of supply, the supply of goods in the market may continue to grow this week, and the resumption of production of previously parked equipment will be promoted. The capacity utilization rate may further increase, thereby driving an increase in production. In terms of demand, downstream demand may remain weak, and it is difficult to change the overall weak trend, and the pull on the PP market is limited. Overall, it is expected that the polypropylene market may be in a range in the short term.
Domestic PP Index: According to Tu Duoduo data, the domestic PP spot index was 7231.00 on June 23, down 12, a drop of 0.17%.
Guoneng auction statistics: Guoneng Coal Chemical's auction volume today was 3,492 tons, up 4.83% from yesterday; the transaction volume was 2,581 tons, up 46.4% from yesterday; the transaction rate was 73.91%, up 20.98% from yesterday.
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