In the short term, it will remain weak and adjusted

In terms of news, ExxonMobil announced the commissioning of its new 650,000 tons/year high-performance polyethylene (PE) plant in Beaumont, Texas
.
With the commissioning of the new capacity, ExxonMobil Beaumont's total PE capacity is increased to 1.
7 million tons per year
.

The application report of Changqing ethane to ethylene project of PetroChina Lanzhou Petrochemical Branch passed the expert review
in Xi'an.
This is China's first set of ethane to ethylene project with independent intellectual property rights and listed in the national demonstration project, and will soon start construction
in Yuheng Industrial Zone, Shaanxi.

In the spot market, the domestic polyethylene market price fell
.
In terms of enterprises, the inventory of the sales company moved up, and the opening price within the day was partially reduced, with a range of about 100 yuan / ton
.
In terms of the market, trade frictions have led to pessimism among industry players, futures have moved down widely, merchants have mostly fell, and the atmosphere is weak
due to actual negotiations.
As of the noon close, the North China market fell 50-100 yuan / ton; The East China and South China markets fell by around 50 yuan / ton
.

Warehouse receipt inventory: exchange warehouse receipt reported 1961 lots, +120 lots within the day; In the historical median zone
.
Main positions: the top 20 long positions in the main contract are 113960 lots, -5331 lots, short positions are 154887 lots, -5726 lots, and net long positions are -40927 lots, +395 lots
.

Summary: Polyolefin port inventories have fallen, and PE social inventories are at a historical level, which supports
prices.
However, the intensification of the Sino-US trade war has affected market confidence, in addition, the weakening of crude oil and the correction of ethylene prices have also weakened the cost support
of polyethylene.
The operating rate of downstream enterprises fell sharply year-on-year, manufacturers had limited enthusiasm for procurement, low willingness to stock up, and slow follow-up of actual transactions
.
The rise in traders' inventories has been mainly based on profit taking profits in the near future, and the continued low operating rate of downstream enterprises has also put a certain pressure
on prices.
It is expected that the weak adjustment will remain mainly
in the short term.
In terms of operation, it is recommended that investors set a take profit for short orders in their hands and hold
them cautiously.