Cost support weakened PP remained low adjustment

Raw material price: Japan naphtha CF Japan reported 464.
25 yuan / ton, down 9; Naphtha FOB Singapore was trading at $50.
42 a barrel, down 1
.
ethylene CFR Northeast Asia 1220 US dollars / ton, down 10; CFR Southeast Asia was flat at $1,100/mt
.
The CIF price of propylene in China was 942 US dollars / ton, down 3
.

Spot prices: foreign spot market prices are basically flat, the Far East is flat at $1050 / ton, and China's CIF price is flat at $1050 / ton.

Prices in the domestic market fell slightly; East China Ningbo 8150 yuan / ton, down 100; South China Maoming reported 8400 yuan / ton, down 150
.

News side: 1.
The overall operating rate of the domestic polypropylene downstream industry is about
62%.
Among them, the plastic knitting industry is 56%, the copolymer injection molding operating rate is 66%, and the BOPP operating rate is 64%.

2.
The price of polypropylene in North China of CNPC was reduced by 100-200, of which the drawing quotation was 8150 yuan / ton
.

Upstream crude oil and methanol prices fluctuated, weakening the cost support of polypropylene
.
In mid-to-late March, although the maintenance of equipment gradually increased, and downstream rigid demand rebounded slightly, the short-term social inventory digestion was slow and remained high, and the petrochemical ex-factory price was lowered, which put pressure
on prices.
The future market pays attention to the enthusiasm of the downstream and market supply after the price decline, and expects the short-term futures price to remain low adjustment
.
Technically, the PP1705 contract tests the pressure around 8400 above and the 8000 integer mark support below, and is expected to maintain a short-term oscillation in the 8000-8400 range, and range trading
is recommended.