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As of 8.
29, PVC prices fluctuated and fell
throughout the day.
Fed Chairman Jerome Powell said that the Fed may need to keep the federal funds rate high for a period of time in order to curb inflation; Approaching the peak demand season, unplanned shutdown of installations led to supply reductions; Spot transactions turned sluggish, the market wait-and-see sentiment was strong, and procurement was the mainstay
.
Futures market: as of 8.
29, the main PVC closed at 6313 yuan / ton, down 2.
52% from the previous month; Top 20 main long positions: 271624 (+5980), short positions: 307614 (+19086), net short positions: 35990 (+12038).
Spot and enterprise dynamics: as of 8.
29, East China (calcium carbide method) quotation: 6630 yuan / ton (-20); South China (calcium carbide method) quotation: 6705 yuan / ton (-30); Ningbo Hanwha's 400,000-ton PVC plant started construction at about 80%, and the current pre-orders are mainly issued, and the market is closed within the day.
Xinjiang Zhongtai Chemical PVC plant Midong plant stopped, Fukang plant started 7-8%, currently maintain pre-sale, no quotation within the day; Shanxi Ruiheng 600,000 tons/year PVC plant started normally, the factory price of 5-type material acceptance was reported at 6280 yuan / ton, and the current exchange rate was 50 yuan / ton
.
Basis: 8.
29 South China basis +392; East China basis +317; basis strengthening
.
Upstream raw materials: as of 8.
29, North China calcium carbide quotation was 4115 yuan / ton, unchanged from the previous day's price; Shaanxi Lanchar quoted 1490 yuan / ton, unchanged from the previous
day's price.
Intraday PVC prices fluctuated downward
throughout the day.
Affected by the hawkish speech of the Federal Reserve, the market is under pressure, and the "tightening transaction" may become the main line of the market again after this speech; Combined with the fundamentals of PVC itself, it is affected by the reduction of the supply of accidental shutdown of the device, or drives the inventory to be destocked for a short time; At present, the downstream construction is gradually entering the peak season, and the downstream construction has improved slightly, but the persistence of the impact of the epidemic in various places still needs to be observed; Maintain a wait-and-see attitude towards PVC price operation, still treat it as a range shock, and keep wait-and-see
.
Wait for changes in market sentiment and an inflection point in inventory demand
.
