PVC Market Weakens: China Commodity Slide
The overall commodity sentiment weakened, among which the cultural commodity index slightly broke through the lower track position.
Except for some agricultural products, most domestic commodities fell and weakened. PVC also showed a sharp downward trend.
The spot market fell synchronously due to the negative impact, but there was still rigid demand for spot goods. Therefore, after the futures price fell, although the basis quotations converged slightly, the enthusiasm for inquiries in the spot market and low-level pending orders increased.
At present, the prices of PVC futures and spot markets have returned to the low range test. It is difficult to find positive factors in the market, and the negative sentiment is heavy.
On the foreign market, the price of international crude oil futures market closed slightly lower, because there was news that the members of the Organization of Petroleum Exporting Countries (OPEC) and non-OPEC oil-producing countries such as Russia may hold a meeting one day earlier than originally planned to decide the oil production level in July.
Overall, the current market support is insufficient, and the price may return to the low range again for consolidation.
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