Continuous plastic shock decline, short-term still weak adjustment requirements

News: Maoming Petrochemical PE plant production dynamics: 110,000 tons/year 1# high-pressure production 951-050; 250,000 tons/year 2# high pressure production 2426H; 220,000 tons/year full-density unit output 7042; 350,000 tons/year high-density plant converted to 4406C
.

Spot market: The domestic polyethylene market continues to be weak
.
The main regional sales company low pressure and linear part of the price reduction, the range of 50-150 yuan / ton
.
Linear futures are weak and volatile, the trading atmosphere of the spot market is light, merchants are down, and the center of gravity of real trading is downward
.
As of the noon close, the North China market adjusted 20-100 yuan / ton; The East China market fell by about 50 yuan / ton; The South China market was 50-100 yuan / ton
lower.

Warehouse receipt inventory: exchange warehouse receipt reported 1081 lots, +0 lots
within the day.
Main position: The top 20 long positions in the main contract are 158996 lots, +2283 lots, short positions are 221111 lots, +8369 lots, net positions are -62115 lots, net short increases
.

Summary: The overall operating rate of agricultural film enterprises this week was 42.
34%, +0.
07% week-on-week, showing a decline in demand for shed film and an increase in demand for mulch film
.
Exports of plastic products have also rebounded
.
PE social inventories continued to fluctuate and fall, indicating that there is little pressure on market supply
.
This provides some support
for LLDPE.
However, the International Monetary Fund lowered the global economic growth rate in 2019 to 3%, the lowest growth rate in 10 years, and the average operating rate of polyethylene enterprises this week was 93.
84%, an increase of 3.
36 percentage points
compared with the previous cycle data (90.
48%).
The total output of polyethylene of domestic enterprises was 376,600 tons, an increase of 13,500 tons
from the previous month.
Production of polyethylene also rose in November, indicating an increase
in market supply.
It is expected that there will still be weak adjustment requirements
in the short term.
In operation, investors can set the take profit for short orders in their hands and hold
them cautiously.