Liansu contract volume reduction position futures price upward resistance

News: 1.
In the second half of the year, the supply of polyethylene continued to maintain a rapid growth trend
.
The new production capacity is expected to reach 6.
55 million tons in 2021, an increase of 72.
37%
compared with 2020.
At present, 2.
05 million tons of production capacity has been put into operation in the first half of this year, and 4.
5 million tons of production capacity is expected to be put into operation
in the second half of this year.
Domestic supply is expected to increase significantly
in the second half of the year.
Affected by high temperature weather in February, July and August, some plastic downstream factories entered the off-season, and orders and starts were expected
to decline.
As the market enters the traditional peak demand season from mid-to-late August to October, the market is still expected to receive some support
from demand density.
After October, with the end of agricultural film demand and environmental impact, the overall market demand will enter the off-season
again.

Market quotation: North China Daqing Petrochemical 7042 mainstream price is 8180 yuan / ton, +0 yuan
.

Warehouse receipt inventory: 5559 warehouse receipts, -0 receipts
.
Main positions: Top 20 long positions 233502, -3946, short positions at 268037, +4658
.
Increased headroom

Summary: Last week, the average operating rate of polyethylene enterprises fell slightly, polyethylene production decreased, and the inventory of production enterprises declined, indicating that the pressure on the supply side is not large
.
The operating rate of PE downstream industries continued to increase from the previous week, and the operating rate of agricultural film, packaging film and hollow industries rebounded, but pipe and injection molding fell
slightly.
The intraday L2109 contract was closed in a narrow range, indicating pressure on it and support
below.