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As of 8.
24, due to the impact of possible OPEC production cuts, crude oil prices rebounded strongly, PVC futures prices followed the shock higher; PVC fundamentals were calm and spot market participants were cautious and wait-and-see
.
The enthusiasm for inquiry and procurement is not high, and the market trading has not increased
.
Futures market: as of 8.
24, the main PVC closed at 6357 yuan / ton, up 2.
6% from the previous month; Top 20 main long positions: 289372 (-4813), short positions: 318951 (-21560), net short positions: 29579 (-21412).
Spot and enterprise dynamics: as of 8.
24 East China (calcium carbide method) quotation: 6600 yuan / ton (+20); South China (calcium carbide method) quotation: 6690 yuan / ton (+25); Xinjiang Tianye PVC plant started 6-7 percent, currently maintaining pre-sale, East China 5 type acceptance self-quotation 6650 yuan / ton; The 400,000-ton PVC unit of China Salt Inner Mongolia Chemical Industry started 7-80%, and the factory quotation of type 5 calcium carbide acceptance was 6350 yuan / ton
.
Basis: as of 8.
24 South China basis +333; East China basis +243; basis weak.
Upstream raw materials: as of 8.
24, North China calcium carbide quotation was 4150 yuan / ton, down 145 yuan / ton from yesterday; Shaanxi Lanchar quoted 1410 yuan / ton, unchanged from yesterday's price
.
Overall, the rise in crude oil and natural gas prices has boosted market confidence, but combined with PVC's own fundamentals, it is relatively pessimistic
.
Sluggish demand does not prompt it to destocking significantly, and expectations alone may be difficult to drive
the rise in PVC.
Combined with inventory and demand, maintain a cautious attitude towards PVC rebound, treat it with "range shock", and wait
and see.
