Downstream demand will remain sluggish

News: Shenhua online auction: linear intraday auction volume of 600 tons; The transaction volume was 0 tons, the high-pressure auction volume was 423 tons, the transaction was 0 tons, and the low-pressure bidding volume was 450 tons, and the transaction volume was 0 tons
.

On February 12, the two-barrel polyolefin oil inventory was 1.
515 million tons, an increase of 35,000 tons from the previous day and an increase of 480,000 tons
from the same period last year.

Spot market: The domestic polyethylene market price continued to decline
.
Sales companies have successively introduced preferential policies, merchants mostly hold a positive attitude towards shipments, and prices are generally inverted, because logistics first, market spot transactions are still light
.
As of the noon close, the North China market fell 50-100 yuan / ton; The East China market adjusted around 50 yuan / ton, and South China fell by 100-150 yuan / ton
.

Warehouse receipt inventory: Exchange warehouse receipt reported 2530 lots, intraday -0 lots
.
Main position: the top 20 long positions in the main contract are 172223 lots, -678 lots, short positions are 229759 lots, -57 lots, net positions are -57536 lots, net short increases
.

Summary: The inventory of domestic polyethylene enterprises continued to rise significantly, petrochemical enterprises mainly reduced prices and promoted inventory, and spot prices fell
.
In the spot market, all Shenhua Polyethylene online auction commodities were auctioned, indicating that downstream demand was sluggish, and traders and demanders were not willing to
purchase.
On the demand side, affected by the sluggish demand, the resumption rate of downstream enterprises is not high, and it is expected that downstream demand will remain sluggish
this week.
The polyethylene market is still under high supply pressure
.
Operationally, it is recommended that investors wait and see for the time being
.