A brief comment on the PP market of China Plastics

2022-08-16
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On November 3, China Plastics warehouse receipt PP market brief comment

I. Market Overview:

today, all varieties of PP warehouse receipts opened flat as a whole, the intraday price fluctuated in a narrow range, and the late trading rose slightly, with a slight rise. In terms of transaction, the volume of PP warehouse receipts is still insufficient today, and the transaction of main varieties cannot be opened due to the maximum order limit. The intraday buying volume is in the majority, and there is a short-term bullish psychology in the market. PP index closed at 1259.14 points, up 0.52 points from the previous closing. The daily K-line is close to a straight line. The strength of both sides is balanced. The market has entered a stalemate stage. Once a short-term breakthrough is made, there will be a wave of new market

II. Analysis of main varieties:

pp0701 opened flat and oscillated today. The rise and fall were not obvious. The transaction remained at yesterday's level, and the majority of buyers. Its new materials played a more and more important role on the stage during this period. The K-line showed a star line shape, and the entity was still in the recent horizontal consolidation surface. The box oscillation trend continued, and there was no sign of breakthrough. From today's intraday performance, traders have no intention to increase their positions due to the maximum order limit, and the turnover is also limited. The trading differences are still huge, and there is no obvious negative and positive signals. It is more likely to continue to maintain the consolidation trend in the short term

III. comprehensive comments:

in view of this situation, Eric Hohmann, the owner of FGH systems, pointed out that on the news side, the oil price fell moderately on Thursday, but it did not have a significant impact on the warehouse receipt market, which is now a popular material. In terms of spot goods, today's PP market is generally stable, with poor transaction conditions and no significant improvement in traders' sentiment. However, the overall supply of goods in the market is not large, and it is unlikely that prices will continue to fall. On the whole, there is no out of the consolidation pattern, and the short-term rise and fall is not large, and there may be an increase

(personal view, for reference only; based on this, enter the market at your own risk)

source of information: China plastics trading

note: the source of this reprint is indicated. The reprint is for the purpose of transmitting more information, and does not mean to agree with its views or confirm the authenticity of its content

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