PP opened high and went high, and the position volume rebounded significantly

News: According to the statistics of professional institutions, as of July 20, the overall operating rate of the domestic polypropylene downstream industry was 61%, the same as last week; Among them, the operating rate of the plastic knitting industry was 64%, down 3.
03% week-on-week; Copolymer injection molding was 60%, BOPP was 58%, basically unchanged from last week, indicating that the downstream demand for polypropylene has remained basically stable in recent times

Raw material price: naphtha CF Japan reported 643.
5 US dollars / ton, up 2.
29%; FOB Singapore was trading at $70.
74 a barrel, up 2.
33%.

South Korea's FOB propylene price was $1060 / ton, up $10, and the domestic propylene price was 8525 yuan / ton, down 50 yuan
.

Spot prices: Southeast Asia was trading at $1240, flat; The Far East was trading at $1205 a tonne, down $
15.
Domestic: North China Qilu 9150 yuan, up 50 yuan; East China Sanyuan 9370 yuan, up 70 yuan; South China Maoming 9700 yuan, flat
.

The PP1809 contract opened higher and went higher, and the position volume rebounded
significantly.
Fundamentals coexist with long and short, and the decline in social inventory during the maintenance period of the device supports the price, but the escalation of the Sino-US trade war has put certain pressure
.

On the technical side, the MACD red column is flat, the KDJ indicator is flat at a high level, and the short-term direction is unknown
.
Operationally, it is recommended that investors wait and see for the time being or take intraday short-term trading
.