Short-term trends are still repeated

News: Shenhua coal chemical linear intraday bidding volume of 750 tons; An increase of 172 tons from the previous day, a volume of 100 tons, up 22 tons from the previous day, a high-pressure auction volume of 338 tons, a transaction of 0 tons, the same as the previous trading day, a low-pressure auction volume of 450 tons, a transaction of 30 tons, a decrease of 126 tons
from the previous trading day.
The two oil stocks were 1.
19 million tons, down 10,000 tons
from the previous day.

The PE inventory of domestic polyethylene enterprises (oil + coal) in this cycle declined, down 16.
54%
from last week.
In terms of varieties, LDPE inventories decreased by 20.
0% from last week; HDPE inventory decreased by 19.
88% from last week; LLDPE inventories fell 11.
43%
month-on-month.
Among them, the total inventory of PE of two barrels of oil continued to decline, down 21.
68%
from last week.
Sinopec's PE inventory decreased by 25.
84% from last week; CNPC PE inventories fell 19.
14%
from last week.
PE inventories of coal-based enterprises fell 1.
68%
from last week.
Trader PE inventories fell 1.
45%
month-on-month.

Spot market: the domestic polyethylene market fluctuated slightly
.
The prices of the main regional sales companies were basically stable, and some resources in North China stopped billing
.
Linear futures fell, merchants waited and watched, there were not many resources available for sale in the market at the end of the month, prices did not fluctuate much, and real negotiations were the mainstay
.
As of the noon close, the North China market was temporarily stable; East China market adjustment 50-100 yuan / ton; The low-pressure part of the South China market is narrowed by 50 yuan / ton
.

Warehouse receipt inventory: exchange warehouse receipts reported 2352 lots, intraday -60 lots
.
Main position: The top 20 long positions in the main contract are 166083 lots, +3939 lots, short positions are 222229 lots, +1173 lots, and the net position is -56146 lots, with a decrease
in net shorting.

Summary: Domestic stimulus policies weakened market panic, and two barrels of oil and petrochemical inventories fell slightly to 1.
19 million tons, down 10,000 tons
from the previous day.
As the outbreak eases, downstream demand is expected to continue to recover
this week.
However, in the spot market, Shenhua Polyethylene online bidding commodities fell significantly the day before the transaction, indicating that the downstream post-holiday replenishment may come to an end
.
The decline in crude oil has also weakened the linear cost support to a certain extent, and the downstream resumption of work progress remains to be seen, and it is expected that the trend of polyethylene will still be repeated in the short term, and the market will pay attention to the pressure
of 6950 yuan.
Operationally, it is recommended that investors wait and see for the time being
.