PP oscillated to the upside and hit another short-term high during the session

News: In today's PP spot market, CNPC Northeast wire drawing was raised by 100 yuan / ton, fiber was raised by 150 yuan / ton, and copolymer some grades were increased by 150 yuan / ton; CNPC East China raised by 100-350 yuan / ton; Sinopec's South China special materials were raised by 200-500 yuan / ton
.
The pressure on petrochemical inventories is not great, the market price is still high, and the transaction is
acceptable.

Raw material price: naphtha CF Japan reported 661 US dollars / ton, up 0.
30%; FOB Singapore was trading at $72.
64 a barrel, down 0.
16%.

South Korea's FOB propylene price was 1070 US dollars / ton, flat, and the domestic propylene price was 9375 yuan / ton, up 150 yuan
.

Spot price: Southeast Asia was quoted at $1220, flat; The Far East was flat at $1,200 / ton
.
Domestic: North China Qilu no quotation; East China Sanyuan 10110 yuan, up 110 yuan; South China Maoming 10600, up 350 yuan
.

The PP1901 contract fluctuated to the upside, hitting a new short-term high during the session, and the position increased
significantly.
Fundamentally, the obvious decline in social inventory, power rationing in Shandong Power Grid, and strong spot prices supported prices, but after continuous rise, there was a certain profit selling pressure
in the short term.

On the technical side, there is also a divergence, MACD continues to fluctuate higher, but the KDJ indicator continues to be in a state of divergence, short-term need to guard against technical adjustments
.
In terms of operation, it is recommended that investors can reduce their holdings in batches when they rise sharply, and drop their pockets for safety
.