PP opened high and went low and the trading volume increased slightly

News side: On January 4, the International Energy Agency (IEA) said that global demand for petrochemical raw materials reached 12 million barrels per day in 2017, accounting for about 12%
of total global oil demand in 2017.
The petrochemicals sector is expected to account for more than one-third of global oil demand growth by 2030 and nearly half
of global oil demand growth by 2050, driven by oil companies such as ExxonMobil and Royal Dutch Shell planning to invest in new petrochemical plants in the coming decades, as well as major oil producers such as Saudi Arabia and Kuwait.
Growing demand for plastics and other petrochemicals will offset the slowdown in vehicle fuel consumption, driving global oil demand through
2050.

Raw material price: naphtha CF Japan reported 465.
88 US dollars / ton, +4.
76%; FOB Singapore is trading at $49.
3/b, +4.
79%.

ethylene CFR Northeast Asia 870 US dollars / ton, -0%; CFR Southeast Asia was trading at $760/mt, -0%.

South Korea's FOB propylene price is 898 US dollars / ton, +0%, and the domestic propylene price is 8225 yuan / ton, +0%.

Spot price: Southeast Asia quoted $1080, +0%; The Far East was quoted at $1,050 / mt, +0%.

Domestic: North China Qilu 9200 +0.
55%; East China Sanyuan 9350 yuan, +2.
75%; South China Maoming 9500 yuan, +2.
16%.

PP1905 opened high and went low, with a slight increase in trading volume and a sharp
contraction in holdings.
Fundamentally, the Spring Festival is approaching, and downstream enterprises have certain stock needs
.
However, the rise in two barrels of oil stocks put some pressure on prices, and technically, MACD rose slightly, but KDJ showed signs of turning around, indicating insufficient
upward impulse energy.
Operationally, it is advisable
for investors to maintain range operations.