Range-bound volatility of continuous plastic contracts The short-term trend is still repeated

News: Shenhua coal chemical industry Shenhua Baotou linear intraday bidding volume of 931 tons, previous day's bidding volume of 861 tons, intraday trading volume of 400 tons, previous day's trading volume of 200 tons
.
Shenhua low-pressure intraday bidding volume was 550 tons, the previous day's auction volume was 450 tons, the intraday trading volume was 335 tons, and the previous day's trading volume was 200 tons
.
Xinjiang high-pressure intraday bidding volume is 50 tons, the previous day's bidding volume is 50 tons, the intraday trading volume is 50 tons, and the previous day's trading volume is 30 tons

Spot market: The domestic polyethylene market is mixed
.
The opening price of the main regional sales company was partially reduced by 50-200 yuan / ton, the futures fluctuated higher, the merchant's offer adjusted with it, the inquiry atmosphere was better than yesterday, and the overall transaction of the real market was not good
.
As of the noon close, the North China market adjusted 20-100 yuan / ton; The East China market adjusted by 50-100 yuan / ton, and the South China market fell by 50-100 yuan / ton
.

Warehouse receipt inventory: exchange warehouse receipts reported 343 lots, intraday -0 lots
.
Main position: The top 20 long positions in the main contract are 254320 lots, +2680 lots, short positions are 290819 lots, +7694 lots, and the net position is -36499 lots, with net margin increased
.

Summary: The overseas epidemic seems to be showing signs of easing, and the expectation of deregulation of traffic restrictions in many countries has revived expectations of demand recovery, and the voluntary reduction of production by major oil-producing countries has also supported
the market.
In the industrial chain, after entering May, the number of overhauled devices has increased, which is expected to form a certain support
for Liansu.
However, linear downstream demand has weakened, agricultural film demand has basically ended, shed mold demand has not yet begun, packaging film demand is basically stable, indicating that downstream demand recovery is still insufficient, and the recent sluggish spot transaction shows that the downstream willingness to take goods is not strong, and it is expected that the short-term trend is still repeated
.
Operationally, it is recommended that investors wait and see for the time being
.