PP market narrow adjustment merchants purchase on demand

In crude oil, crude oil futures rose slightly on Wednesday (July 12) as U.
S.
crude inventories fell and intraday trading was volatile
.
The NYMEX August crude futures contract closed up $0.
45, or 1 percent, at $45.
49 a barrel
.
September Brent crude futures rose $0.
22, or 0.
5 percent, to settle at $
47.
74 a barrel.

In the spot market, the domestic PP market was dominated by a narrow consolidation on July 13
.
PP petrochemical prices were firm, and prices of CNPC Southwest, CNPC East China and Sinopec South China continued to rise
.
However, PP futures are no longer strong, once falling below the 8,000 mark in early trading, and the closing price was 8,020 yuan / ton, down 1.
09%.

It is difficult to benefit the spot market, today's mainstream price of wire drawing in North China market is 7800-7950 yuan / ton, the mainstream price of wire drawing in East China market is 7850-8050 yuan / ton, and the mainstream price of wire drawing in South China market is 8000-8100 yuan / ton
.

At present, the trend of PP futures is uncertain, the downstream terminal is cautious, and the buying is mainly based on on-demand procurement, and it is expected that the PP market will be dominated by narrow consolidation in the short term
.