PVC low oscillation has approached the lower support level

News: According to statistics from professional institutions, domestic PVC powder production in April was 1.
5632 million tons, down 6.
3%
month-on-month.
Largely in line with
expectations.
The supply contraction caused by the maintenance is still relatively obvious
.
However, according to the statistics of the National Bureau of Statistics, the cumulative increase of PVC in the country from January to April increased by 3.
6%
year-on-year.
It was a little
higher than expected.
This may be related to
overproduction upstream.
After entering June, the pressure on the PVC supply side will begin to increase
as the maintenance equipment resumes production and the new equipment is put into operation.

Upstream price: Naphtha CF Japan reported $696/mt, -0.
91%; FOB Singapore is trading at $77.
19/b, -0.
92%.

ethylene CFR Northeast Asia 1270 US dollars / ton, flat; CFR Southeast Asia was flat at $1160/mt
.
Domestic calcium carbide prices were stable, with East China reporting 3370 yuan, flat, and Northwest reporting 3060 yuan, flat
.

Spot market: CFR China was flat at $915, CFR Southeast Asia was flat at $920; North China calcium carbide law reported 6750 yuan / ton, down 30 yuan; ethylene law reported 6900 yuan / ton, down 50 yuan; East China calcium carbide method reported 6800 yuan / ton, down 50 yuan, ethylene method 7000 yuan / ton, down 50 yuan; South China calcium carbide method 6880, down 20 yuan, ethylene method 7280 yuan, flat
.

The PVC1809 contract has fluctuated low and is now approaching the lower support level
.
Fundamentally, the peak of device maintenance and the stationing of environmental protection groups for inspection have formed a certain support for the futures price, but the high short-term social inventory has suppressed
the futures price.
The technical indicators are, MACD green column growth, KDJ continues to go lower, but has entered the low area, the later focus on whether the support around 6650 is strong, operationally, stable investors in the hands of short orders can reduce their holdings at the low, and drop the bag for safety; Aggressive investors set short orders to take profit and hold
them cautiously.