Polypropylene PP: Futures reduced their positions and broke below 7500, the oil and oil stocks fell at the end of the month, and the focus of the spot shifted downward

Sinopec inventory: two-oil polyolefin inventory of 820000 tons, 25000 tons less than yesterday.

PP futures analysis: March 27th PP2405 opening price: 7510, highest price: 7527, lowest price: 7459, position: 333046 lots, settlement price: 7492, yesterday settlement: 7522, down: 30, daily trading volume: 270625 lots.

Mainstream quotation for wire drawing in PP market: yuan / ton

PP China spot market analysis: today, China's PP market prices fell slightly, China wiredrawing mainstream prices in 7340-7550 yuan / ton, a decline in 30-50 yuan / ton. Petrochemical, two oil early this morning 820000 tons, although nearly two days to the warehouse, but the current upstream there is still a large inventory pressure. Ex-factory prices, Donghua Energy, Jingbo, Sinopec Huazhong, CNPC Northeast reduced ex-factory prices ranging from 50-100 yuan / ton, other stable. Coal companies generally reduced prices by 10-40 yuan per ton, and the cost of supply continued to move down. PP futures fell continuously, breaking the 7500 mark today. The state of mind on the floor is not good, traders actively reduce positions and shipments, and offers move down synchronously. Downstream rigid demand to enter the market, the overall transaction performance is general.

PP spot trend forecast: for the future market, we still need to pay attention to the changes from the cost side and the encashment of supply-side reductions, as well as the sentiment of capital on the disk. In terms of raw materials, the focus of crude oil is still on the geographical side, the Gaza ceasefire negotiations are still continuing, there is still no real ceasefire, pay attention to the progress of the ceasefire. On the supply side: the start-up of the early maintenance equipment is relatively limited, superimposed Jingmen Petrochemical, Zhejiang Petrochemical, Dalian Petrochemical and other planned maintenance, the overall supply is expected to be slightly reduced. At the end of the superimposed month, the sales of contractors are OK this month, and the supply of goods has tightened at the end of the month; in terms of demand, the downstream has returned to normal start-up, although there is an increase in demand for raw materials, but there is obvious resistance to high prices. And the futures market fell sharply, suppressing the market buying gas and suppressing the market. Under the comprehensive influence, the short-term PP market shock is expected to run weakly, digesting the previous increase, and some high prices have room to fall back.

China's PP index: China's PP spot index fell 27, or 0.36%, to 7468, 7495, according to Tudor data.

China installation parking Summary:

Shenhua auction turnover: Shenhua Coal Chemical's auction volume today was 3399 tons, down 2.16% from yesterday; the turnover was 2735 tons, 18.94% lower than yesterday, and the turnover rate was 80.46%, 16.66% lower than yesterday.