PP narrow consolidation short orders profit reduction

News: According to statistics from professional institutions: as of August 29, PP's domestic major petrochemical and oil inventories decreased by 0.
04% from last week, traders' inventories decreased by 5.
46% from last week, and the overall inventory decreased by 1.
20%
from last week.
The market wait-and-see atmosphere is strong and the operability is low, but near the end of the month, traders with unsatisfactory orders in the early stage actively open orders to complete the planned volume, downstream enterprises just need to replenish inventory, petrochemical inventories and social inventories have been reduced
.

Raw material price: naphtha CF Japan reported 666.
62 US dollars / ton, down 0.
07%; FOB Singapore was trading at $72.
66 a barrel, up 0.
07%.

South Korea's FOB propylene price was 1090 US dollars / ton, flat, and the domestic propylene price was 9375 yuan / ton, flat
.

Spot price: Southeast Asia reported $1240, up $5; The Far East was up $10 at $1,220 a tonne
.
Domestic: North China Qilu reported 9950 yuan, flat; East China Sanyuan 9830 yuan, flat; South China Maoming 10,000 yuan, flat
.

The PP1901 contract closed in a narrow range, and the closing was still blocked by the pressure of the upper moving average, and the position increased
slightly.
Fundamentally, the decline in social inventories has formed a certain support for futures prices, but the loosening of spot prices has suppressed futures prices
.

Technically, the MACD indicator oscillated and retreated, but the green bar was flat, and the KDJ indicator showed signs
of stopping the decline in the short term.
In terms of operation, it is recommended that investors take profit on the low order and drop the bag for safety
.