Liansu rebounded sharply It is expected that the short-term trend will still be repeated

News: The PE inventory of domestic polyethylene enterprises (oil + coal) fell this week, down 1.
95%
from last week.
Among them, the total stock of PE in two barrels of oil fell by 3.
17%
from last week.
Sinopec's PE inventory decreased by 2.
07% from last week; CNPC PE inventories fell 3.
79%
from last week.
Coal company PE inventories edged up 1.
57% month-on-month from last week, and sample trader PE inventories continued to rise, up 11.
37%
week-on-week.

Shenhua linear intraday auction volume was 1870 tons, the previous day's auction volume was 1700 tons, the intraday trading volume was 1390 tons, and the previous day's trading volume was 85 tons
.
Shenhua low-pressure intraday bidding volume is 400 tons, the previous day's bidding volume is 300 tons, the intraday trading volume is 300 tons, and the previous day's trading volume is 0 tons
.
Xinjiang high-pressure intraday bidding volume is 50 tons, the previous day's bidding volume is 50 tons, intraday trading volume is 0 tons, and the previous day's trading volume is 0 tons

Spot market: The price of domestic polyethylene market is mixed
.
The trading atmosphere in the spot market improved, merchants' offers adjusted, the linear and high-pressure parts rose, and the low-pressure still
declined.
North China market adjustment 50-120 yuan / ton; East China market adjustment 100-200 yuan / ton; The low pressure in the South China market fell by 200-300 yuan / ton
.

Warehouse receipt inventory: exchange warehouse receipt reported 116 lots, intraday -19 lots
.
Main position: the top 20 long positions in the main contract are 215489 lots, +683 lots, short positions are 243755 lots, -7246 lots, net positions are -28266 lots, net space is reduced
.

Summary: At present, the epidemic situation in Europe and the United States has not yet peaked, and the IMF has also lowered its global GDP growth forecast to -3%, which has weighed on
market confidence.
However, the impact of the market's rise in expectations of OPEC+ expansion of production cuts and renewed tensions between the United States and Iran, the impact of the recovery of market confidence, and the recovery of crude oil low and recovery
.
In the industrial chain, the current downstream demand for plastics is still low
.
The demand for agricultural film is basically over, the demand for shed mold has not yet begun, the demand for packaging film is basically stable, and affected by the rise in futures during the day, the transaction volume of Shenhua Net auction has increased significantly, indicating that the lack of confidence in the downstream market is confidence
.
There is a divergence between the macro and the fundamentals, and it is expected that the short-term trend will still be repeated
.
Operationally, it is recommended that investors wait and see for the time being
.