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Development and Reform Commission: It is jointly investigating the market conditions of steel and iron ore and other materials
China's export freight index hits historical highs in the first two weeks of May, and foreign demand and RMB exchange rate are expected to continue to gain support
Formosa Plastics continue to postpone the June PVC quotation, which was previously expected that Formosa Plastics will announce the next month's new quotation this Tuesday. At present, the Southeast Asian market prices continue to decline. Most markets believe that the price reduction in June is between US$100-200/ton, but due to various factors, the market expects that the price reduction in June may still be further expanded.
spot market
Today, the quotations of various regions in the mainstream domestic PVC market are stable in the morning and the low prices are reduced. In the afternoon, as futures rise, the spot price generally rises from 30 yuan/ton, but the transaction is insufficient after the rise. Formosa Plastics quotations continue to be delayed, and the market expects that the price reduction in June may further expand. At present, the market has many domestic maintenance in May, social inventory continues to decline, the market spot is not much, and the pre-sale volume is within one month. In addition, the price of raw material calcium carbide is stable at a high level, the upstream price adjustment intention is not strong, and the quotation is relatively high, and the price is mainly price. However, downstream costs are under great pressure, products have entered the off-season, and the urgency of demand has decreased, and procurement will continue to be maintained.
points in the region, the mainstream quotation of Type 5 in North China is between 9250-9350 yuan/ton (with taxes included), and the quotation is raised by 30 yuan/ton in the afternoon. The market supply is not large, the low price is reduced, and it is difficult to complete transactions at high prices.
The mainstream quotation of Type 5 in East China is around 9400-9500 yuan/ton (self-picking), futures rose in the afternoon, the point price transaction weakened, and the overall transaction was light. Spot quotation for early trading: Sanlian 9390 yuan/ton, Yihua 9430 yuan/ton, Jinchuan/Zhongtai/Tianye 9450-9480 yuan/ton.
The mainstream quotation of Type 5 in South China (self-picking) is between 9400-9500 yuan/ton; early trading spot quotation: Salt Lake 9380 yuan/ton, Sanlian/Bingcheng/Dongxing/Ortos 9430 yuan/ton, Sea level/Nei/Lutai/Tianhu/Jinchuan 9450 yuan/ton, Zhongtai/Tianye/Yili/Junzheng 9480 yuan/ton. There was not much spot, and futures rose in the afternoon, with the quotation rising from 30 yuan/ton.
Futures Market
V2109 opened 9115 yuan/ton today, closing at 9235 yuan/ton, up 0.87%. Yesterday's settlement price was 9155, with a trading range of 9095-9245 yuan/ton, with a transaction volume of 356,000 lots, and a position increased by 23,000 lots to 415,000 lots.
09 contract: It is currently in the stage of oscillating consolidation, trend bulls, small-cycle support level stabilizes and rebounds under pressure. Today's volume has not been effectively followed, and the rebound space is expected to be limited. The approach to the volatile thinking will continue to pay attention to the effectiveness of the 9100 first-line breakthrough support. In terms of operation, the market may still focus on oscillating consolidation in the future.
Zhongshulian Views
Recently, the macro-level disturbances have been frequent. The domestic efforts have been made to cool down the rising commodities. The overall commodity has shown pressure to adjust phasedly. The current PVC market reflects favorable and negative fundamentals relatively flat. The market is more concerned about whether macro data will have an impact on the current monetary policy. This week, PVC social inventory declined again and is still at a low level in previous years. According to the latest data released by Zhuochuang, the total inventory of sample warehouses in East China and South China was 225,400 tons, an increase of 1.03% from April 30, a year-on-year decrease of 45.18% and an increase of 1.03% from the previous week. In terms of fundamentals, there are currently many domestic maintenance companies in May, which has led to a contraction of the supply side. Although there is still support on the consumer side, overseas supply expectations have recovered, exports are expected to weaken, the US dollar quotation has been continuously loosened, and the domestic and foreign price difference has converged. The market believes that the price reduction in June is between US$100-200/ton or the price reduction is still possible, and the medium-term PVC fundamentals are under weakening pressure. However, when oil prices and calcium carbide prices have not dropped sharply, there is still support on the cost side, and terminal consumption is currently good, and the adjustment space below PVC is limited, so we pay attention to the restart of macro and overseas devices. Shocking ideas.
Long and short positions
Net long and short positions
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