PVC fell slightly, and the short-term trend weakened

News: In May 2020, the import volume of pure polyvinyl chloride powder was 92,300 tons, an increase of 130.
75% from the previous month and 51.
31%
from the same period last year.
Affected by the epidemic abroad and India's lockdown, while China's economy has recovered, a large number of imported goods have entered the domestic market
.

This week, the spot trading volume of PVC in Asia has decreased, and market negotiations have slowed down, observing the uncertain impact
of the future market, especially the increase in the epidemic.
Market participants are waiting and seeing, and the recent rapid growth of the global pandemic, the market is generally cautious and skeptical about the recovery in demand and whether there are any obstacles
.

Spot market: PVC market in Chengdu is sideways, traders mainly have stable quotations, and the mainstream price of 5 types of materials within the day is 6150-6200 yuan / ton including tax self-pickup, real single negotiation
.

Warehouse receipt inventory: exchange warehouse receipts reported 601 lots, intraday -0 lots
.
Main positions: The top 20 long positions in the main contract are 135329 lots, +1040 lots, short positions are 115432 lots, -1146 lots, and the net position is 19897 lots, net long increases
.

Summary: During the small long holiday, the trend of foreign commodities diverged, and crude oil maintained a high volatility pattern, but the US epidemic seems to have been repeated, and the US stock market fell sharply, which is expected to hit
market confidence.
Fundamentally, crude oil fluctuated at a high level, and the price of vinyl chloride in Asia rebounded
.
The maintenance of domestic production enterprises continued
.
However, the large arrival of imports in May is expected to increase the supply pressure
in the market.
On the demand side, in April, the domestic real estate market rebounded slightly, while the infrastructure industry also boosted the demand for
PVC to a certain extent.
The decline in PVC operating rate, the continued decline in social inventory month-on-month, and Formosa Plastics' increase in July quotations all supported
the price of PVC.
However, downstream enterprises are more cautious about PVC procurement and maintain the focus on just-in-demand procurement
.
Operationally, intraday futures broke through the support of the 30-day moving average, and the short-term trend weakened
.
It is recommended that the hand is high and out, and the bag is safe
.