The magnitude of the rebound remains to be seen

News: Polyolefin inventories in major domestic ports continued to decline
last week.
As of November 22, the total inventory of polyolefin in major domestic ports reported 222,400 tons, down 09,000 tons from last week and 80,600 tons
from the same period last year.

Spot market: the domestic polyethylene market price is higher
.
The opening price of the main regional sales company is mostly stable, the linear futures have risen slightly, there are not many business resources, most of the offers have moved up, and the downstream just needs to take small orders, and the market increase needs to be digested
.
As of noon, the North China market adjusted around 50 yuan / ton; East China market is 50-100 yuan / ton higher; The South China market is temporarily stable
.

Warehouse receipt inventory: exchange warehouse receipt reported 1061 lots, intraday - 100 lots; It is in the low-to-middle historical zone
.

Main position: the top 20 long positions in the main contract are 130420 lots, -4536 lots, short positions are 158108 lots, -2090 lots, net positions are -27688 lots, net shorting increases
.

Summary: The International Monetary Fund lowered the global economic growth rate in 2019 to 3%, the lowest growth rate in 10 years, which hit market confidence, but crude oil rebounded strongly, China and the United States are expected to cancel tariffs in phases, and after entering late October, the demand for plastic agricultural film gradually rebounded, and the overall operating rate of agricultural film enterprises last week was +2.
6%
week-on-week.
At the same time, PE social inventories continued to fluctuate and fall, down 4.
09% month-on-month, while polyolefin inventories in major domestic ports also continued to fall, reporting 222,400 tons, down 09,000 tons from last week, and also lower than the same period last year
.
At the same time, it is also lower than the same period last year, indicating that there is little supply pressure in the market, which has some support
for LLDPE.
After a long period of decline, LLDPE has certain rebound requirements in the short term, but the rebound magnitude remains to be seen
due to the impact of the increase in new production capacity.
In terms of operation, it is recommended that investors can hold long positions with caution
.