Continuous plastic narrow finishing Pay attention to the lower support

News: Shenhua coal chemical industry Shenhua Baotou linear intraday bidding volume of 850 tons, previous day's bidding volume of 850 tons, intraday trading volume of 750 tons, last day's trading volume of 64 tons
.
Shenhua low-pressure intraday bidding volume was 218 tons, the previous day's auction volume was 188 tons, the intraday trading volume was 156 tons, and the previous day's trading volume was 151 tons
.

The two oil stocks were 700,000 tons, down 55,000 tons
from the previous day.

In May 2020, China's plastic products output was 6.
69 million tons, a year-on-year increase of 9.
2%; From January to May, the total output of plastic products in China was 27.
554 million tons, a year-on-year decrease of 4.
2%.

From January to March 2020, China's plastic products exports amounted to US$13715239,000, down 8.
9%
year-on-year.

Spot market: The price of domestic polyethylene market is mixed
.
The main regional sales order part of the e-commerce increased the price by 100-200 yuan / ton, the market offer was narrowly adjusted, the downstream resistance to high prices was obvious, wait-and-see was the mainstay, and the real transaction was general
.
As of the noon close, the North China/East China market was adjusted by 50-100 yuan / ton, and the South China market fell by 20-50 yuan / ton
.

Warehouse receipt inventory: Exchange warehouse receipt reported 252 lots, intraday -0 lots
.

Main position: the top 20 long positions in the main contract are 227701 lots, -2178 lots, short positions are 238557 lots, -2887 lots, net positions are -10856 lots, net space is reduced
.

Summary: The overseas epidemic has eased, the deregulation of many countries has boosted market confidence, major oil producers have extended the production reduction period, and EIA has raised crude oil demand expectations to support
the market.
Fundamentally, the significant increase in cracker production in Asia in June is expected to weigh on
ethylene prices.
The operating rate of downstream enterprises fell slightly, which is expected to also put a certain pressure
on prices.
However, the maintenance volume of domestic PE equipment in June increased compared with May, and the recent shutdown and maintenance of the equipment may reduce the market supply
.
Operationally, it is advisable
for investors to trade in the range for the time being.