PVC futures are volatile and fundamentals have not improved

Futures market: as of 9.
8 days, the main PVC closed at 6438 yuan / ton, up 1.
19% from the previous month; Top 20 main long positions: 275043 (+8609), short positions: 299712 (-635), net short positions: 24669 (-10654).

Spot and enterprise dynamics: as of 9.
8 days, East China (calcium carbide method) quotation: 6570 yuan / ton (0); South China (calcium carbide method) quotation: 6690 yuan / ton (+10); Lutai Chemical's 360,000-ton PVC unit started about 40%, the price was stable, and the 5-type factory reported 6430 yuan / ton in foreign exchange; Ningxia Yinglite 220,000 tons of PVC plant started full load, there is a certain inventory, the price is stable, the factory quotation of type 5 calcium carbide acceptance is 6250 yuan / ton; Formosa Ningbo's 400,000-ton PVC unit began to be shut down for maintenance on August 25 and is expected to be discharged on September 9
.
At present, the factory warehouse mainly issues pre-orders, and the market is closed within the day
.

Basis: As of 9.
8 South China basis +252; East China basis +132; basis weak.

Upstream raw materials: as of 9.
8, North China calcium carbide quotation 4090 yuan / ton, Shaanxi blue charcoal quotation 1516 yuan / ton, no change
from the previous day's price.

PVC profit repair superimposed device restarts, the later supply side is more likely to start further recovery, if there is no substantial positive change in demand, it will gradually enter the accumulation stage
.
At present, although the traditional peak season has entered, the market expectation has improved, but the actual trading on the procurement side is general, the mentality of participants is still cautious, and the current fundamentals still have not seen significant improvement
.
Later orders need to be focused on
.
It is expected that the upper and lower space is limited, so stay on the sidelines
.