PP Futures & Spot Trends
Domestic petrochemical inventory: The inventory of polyolefins from the two oils is 785,000 tons, down 15,000 tons from yesterday.
Futures analysis: On June 18, PP2509 opened at 7140, the highest price was 7226, the lowest price was 7137, the position was 477053, the settlement price was 7189, yesterday's settlement was 7107, the increase was 82, the daily trading volume was 396,517 lots, the deposited funds were 2.409 billion, and the capital inflow was 137 million.
Market mainstream quotes for wire drawing:
Domestic spot market analysis: Today, the overall domestic PP market continued to rise, and the prices in various regional markets continued to rise, ranging from 10 to 80 yuan/ton. In terms of price: the mainstream price of domestic polypropylene ranged from 7060 to 7370 yuan/ton.
Affected by the geopolitical situation, the international oil price rose widely, breaking through 74 US dollars per barrel, and the cost support of the PP market was strengthened. Although there was no obvious bright spot in the supply and demand fundamentals, the market sentiment was boosted by the strong cost drive, and traders pushed up the quotation and shipment.
Analysis of the domestic futures market: The PP2509 contract showed an overall upward trend. As of today's afternoon closing, the PP2509 contract fluctuated in the range of 7137-7226 throughout the day, with a spread of 89, and the 09 contract increased its position by 21,511 lots, and the current position was 477,053 lots.
Forecast for the future market: In terms of raw materials, in the short term, the crude oil market may be affected by the instability of the geopolitical situation, the peak travel season in the summer in the United States, and the negative factors such as OPEC+ maintaining its position to increase production and the poor global economy. It is also necessary to pay attention to the relevant impact of related changes on international oil prices.
On the supply side, the impact of the shutdown of PP units is currently showing a downward trend, and from the perspective of the unit maintenance plan, the number of subsequent unit maintenance may be relatively limited.
In addition, some PP units that were previously shut down have gradually resumed operation, and the supply is expected to increase slightly. On the demand side, there has been no substantial improvement in terminal demand, and downstream factories may continue to purchase mainly for rigid demand in the short term. Overall, it is expected that the polypropylene market will be in a range in the short term.
Domestic PP Index: According to Tuduoduo data, the domestic PP spot index was 7193.00 on June 18, up 40, or 0.56%.
Guoneng auction statistics: Guoneng Coal Chemical's auction volume today was 3031 tons, up 7.44% from yesterday; the transaction volume was 2017 tons, up 69.07% from yesterday, and the transaction rate was 66.55%, up 24.26% from yesterday.
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