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Plastics decline slows down and the market will rebound immediately after the market sees better

Time of issue：2020-06-18

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Plastics decline slows down and the market will rebound immediately after the market sees better

【概要描述】The New York Mercantile Exchange (NYMEX) crude oil futures closed sharply lower on the 23rd, hitting a four-month low during the session;

Time of issue：2020-06-18
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The New York Mercantile Exchange (NYMEX) crude oil futures closed sharply lower on the 23rd, hitting a four-month low during the session; the International Energy Agency (IEA) had previously stated that its member states would release 60 million barrels of strategic oil reserves to ensure adequate market supply. In addition, weak economic data also suppressed oil prices. The settlement price of NYMEX August light sweet crude oil futures contract fell 4.39 US dollars to 91.02 US dollars per barrel, a 4.6% decline. Crude oil prices fell to the lowest level of 89.69 US dollars per barrel in intraday trading, the lowest level since February 22.
Asian ethylene market, the price is stable, Southeast Asia market rebounded 17 US dollars to close at 1098.5-1099.5 US dollars/ton CFR Southeast Asia; CFR Northeast Asia remained stable and closed at 1094.5-1098.5 US dollars/ton.
In terms of spot prices, most of the LLDPE market quotations stabilized, and some continued to be minor. However, market transactions were still difficult. The firm relied on negotiations, the supply was relatively stable, and the wait-and-see attitude was relatively strong. The PE market quotations of Tianjin Port have been slightly adjusted, and the linear quotations have declined significantly. Futures opened down, and merchants were sluggish and pessimistic. There are more wait-and-sees in the market, the trading atmosphere is slightly light, downstream inquiries are not optimistic, and firm deals are mainly discussed.
Outlook for the future:
Mid-term point of view: Considering the relatively strong spot price of 10000-10200 that Liansu has lasted for a long time, and the recent trend of futures prices has begun to slow down significantly when it reaches the range of 10300-10400, especially, Whenever the market atmosphere improves slightly, Liansu will immediately rebound. These signs indicate that the bottom range of Liansu has begun to be gradually outlined, and investors can wait patiently in the near future.
Northern Futures: Liansu continues to fall, and the futures price remains below the 10500 pressure level. It is more likely that the futures price will continue to fall in the near future. It is recommended that investors continue to hold early short orders, and sell a small amount of short rallies.

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