PVC high volatility Holdings continued to increase slightly

News: In late July, PVC enterprises had more unplanned maintenance, resulting in social inventory did not continue to accumulate, social inventory in July showed a trend of accumulation and then decline, although the inventory in early August was slightly higher than the same period of previous years, but has fallen to the low level
in 2018.
At present, the overall production and sales performance of the supply side is relatively good, some upstream enterprises are still in the state of pre-sale, the downstream consumption season in September and October is expected to remain, and it is expected that the social inventory will still decline in August
.

Upstream price: naphtha CF Japan reported 660.
25 US dollars / ton, up 0.
82%; FOB Singapore was trading at $72.
38 a barrel, up 0.
67%.

ethylene CFR Northeast Asia 1400 / ton, up 20 US dollars; CFR Southeast Asia was trading at $1260 a tonne, up $
5.
Domestic calcium carbide prices were stable, with East China reporting 3370 yuan, flat, and Northwest reporting 3060 yuan, flat
.

Spot market: CFR Southeast Asia was flat at $945; CFR China was flat at $960
.
North China calcium carbide law reported 7230 yuan / ton, up 100 yuan; ethylene law reported 7500 yuan / ton, up 120 yuan; East China calcium carbide method reported 7350 yuan / ton, flat, ethylene method 7600, flat; South China calcium carbide method 7300 yuan, flat, ethylene method 7650 yuan, flat
.

The PVC1901 contract fluctuated at a high level, and the position continued to increase
slightly.
Fundamentally, social inventories have fallen, and petrochemical companies' price increases have formed a certain support
for futures prices.

Technical indicators diverged, MACD continued to oscillate higher, but KDJ indicators continued to diverge
higher.
Short-term need to guard against the emergence
of technical adjustments.
In terms of operation, it is recommended that investors can reduce their holdings at high prices and drop their pockets
.