PVC futures prices weakened and the spot market did not trade well

Futures market: as of 10.
17, the main PVC closed at 5870 yuan / ton, down 2.
67% from the previous month; Top 20 main long positions: 512024 (+60994), short positions: 592886 (+74362), net short positions: 80862 (+11329).

Spot and enterprise dynamics: as of 10.
17, East China (calcium carbide method) quotation: 6160 yuan / ton (-100); South China (calcium carbide method) quotation: 6240 yuan / ton (-100); Shandong Xinfa PVC started normally, shipments were general, the price was reduced, and the factory of type 5 reported 6100 yuan / ton; Lutai Chemical's 360,000-ton PVC plant started about 40%, and the 5 type is not in stock, and the quotation is not available for the time being; Type 8 6360 yuan / ton spot exchange, acceptance high 40 yuan / ton
.

Basis: As of 10.
17, South China basis +61; East China basis +61; basis slightly strengthened
.

Upstream raw materials: as of 10.
17, the quotation of North China calcium carbide was 4210 yuan / ton, which was unchanged from the previous day's price; Shaanxi Lanchar quoted 1576 yuan / ton, no change
from the previous day's price.

From the valuation point of view, PVC is low and there is support
at the raw material end.
Due to the current disturbance on the supply side of raw materials, transportation in some areas is not smooth, but the increase in raw materials is also subject to the low price of PVC
.
In the medium and long term, PVC demand is still not bright, and inventories are at a high level
.
The market is still pessimistic
about future demand.
From the perspective of sluggish demand and bearish macro atmosphere, it is expected that the trend of PVC in the future market will remain weak
.
Focus on changes in demand and changes in inventory
.
If demand and inventories show an inflection point, there is still room for prices to rebound, and vice versa
.