The rebound of Liansu was blocked, and the position volume shrank slightly

News: Saudi Arabian Aramco, the world's largest crude oil producer, signed a stake in Zhejiang Petrochemical Co.
, Ltd.
(hereinafter referred to as Zhejiang Petrochemical) 40 million tons per year refining and chemical integration project, which is another large-scale petrochemical project
after Saudi Aramco formed a petrochemical processing capacity of 14 million tons in the Fujian Province market.
It is a landmark project for the development of mixed ownership economy in Zhejiang Province, which is of great significance
to the transformation and upgrading of petrochemical industry in Zhejiang Province.

Raw material price: naphtha CF Japan reported 669.
88 US dollars / ton, -0.
8%; FOB Singapore is trading at $72.
53/b, -0.
92%.

ethylene CFR Northeast Asia 1090 US dollars / ton, -0.
91%; CFR Southeast Asia is trading at $1,000/mt, -0.
99%.

Spot price: Southeast Asia quoted at $1130, +0%; Far East reported 1100 yuan / ton, -0%.

Domestic price: North China Daqing reported 9700 yuan, +0.
52%; East China Yuyao reported 9750 yuan, -0%; South China Guangzhou 9900 yuan, -0%; Northwest Dushanzi 9850 yuan, +0%.

The rebound of the Liansu 1901 contract was blocked, the volume was amplified, and the position volume shrank slightly, indicating that the upside pressure is still strong
.
Fundamentally, the management's tax cuts and RRR cuts have provided some support to the market, but the decline in raw material prices and the flat downstream demand have suppressed
prices.

Technically, MACD and KDJ indicators are flat in the median area, and it is difficult to bottom out in the short term
.
In terms of operation, it is recommended that investors set a take profit in their hands and hold
them cautiously.