Continuous plastic narrow finishing Positions continue to increase

News: As of July 25, PE social inventories fell -2.
6% from last week and 35.
6%
higher than the same period last year.
At present, the pressure of petrochemical inventories is not large, the inventory of sample enterprises fell by 11.
4% from last week, and the current two barrels of oil inventory is below 700,000 barrels, and the inventory of coal enterprises has also fallen by 19.
98% from last week, so the inventory pressure of production enterprises is not large, but the port inventory is high, and the intermediate link inventory digestion is relatively slow
.

Raw material price: naphtha CF Japan reported 671.
38 US dollars / ton, up 1.
71%; FOB Singapore was trading at $73.
73 a barrel, up 1.
68%.

ethylene CFR Northeast Asia 1364.
5 US dollars / ton, flat; CFR Southeast Asia was flat at $1250/mt
.

Spot price: Southeast Asia was flat at $1125; Far East reported 1110 yuan / ton, unchanged
.
Domestic price: North China Daqing reported 9550 yuan, flat; East China Yuyao reported 9550 yuan, up 50 yuan; South China Guangzhou 9500 yuan, flat; Northwest Dushanzi 9550 yuan, flat
.

The Liansu 1901 contract was sorted out in a narrow range, and the position continued to increase
.
Fundamentally, naphtha and spot trends are firm, social inventories have fallen, and the equipment maintenance period has formed a certain support for prices, but after many days of rise, there is short-term profit selling pressure
.

Technically, the MACD indicator red bar flattened, the KDJ indicator showed a top divergence, and there may be a technical adjustment
in the short term.
Operationally, it is recommended that investors wait and see for the time being, waiting for the opportunity
to go long on dips.