PP gap low opening shows short-term weakness

News side: Qilu Chemical City PP grain price fell today's futures opened low and went low, merchants offered some profits, the mainstream quotation of wire drawing was 9000-9250 yuan / ton, and the real transaction was negotiated
.
Yuyao PP market quoted a stable weakening of 50-100 yuan / ton, at the end of the month co-polymerization resources decreased, the price was relatively stable, traders underreported shipments, buying bargains to replenish stock.

The price of PP market in Guangzhou fell partially, and the market waited and watched
.

Raw material price: naphtha CF Japan reported 684.
62 US dollars / ton, -1.
99%; FOB Singapore is trading at $75.
9/b, -2.
03%.

South Korea's FOB propylene price was $1085 / ton, up $5, and the domestic propylene price was 8625 yuan / ton, flat
.

Spot price: Southeast Asia was flat at $1300; The Far East was flat at $1,245/mt
.
Domestic: North China Qilu 9250 yuan / ton, up 50 yuan; East China Sanyuan 9080 yuan / ton, down 120 yuan; South China Maoming reported 9550 yuan / ton, down 50 yuan
.

The PP1809 contract gaped low and was sideways around the intraday moving average throughout the day, indicating that the short-term trend is still weak
.
Fundamentally, the peak of device maintenance and the decline of social inventory have produced some support for the futures price, but the high level of crude oil has fallen, and the loosening of spot prices has put certain pressure
on the price.

On the technical side, the MACD dead cross is downward and the KDJ shock is lower, indicating short-term weakness
.
However, the current futures price has entered a strong support area or will limit the decline
of PP.
In terms of operation, it is recommended that stable investors can profit and reduce their short orders in their hands, and aggressive investors can set up short orders in their hands and hold
them cautiously.