PP weekly review of the hottest crude oil prices f

2022-08-11
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[PP weekly review] crude oil prices fell to the bottom, PP warehouse receipts fluctuated downward

I. this week's market (from December 1 to December 5):

due to the shadow of crude oil falling over the market, moreover, the changes in the relationship between supply and demand are difficult to change, which makes it difficult for traders in the warehouse receipt market to boost their enthusiasm to enter the market, so it is difficult for PP warehouse receipt market to make breakthrough progress. As of Friday's close, the PP warehouse receipt index closed at 679.05, down 29.21 points from last Friday. The settlement price of various varieties of PP warehouse receipts began to decline this week

on Monday, the crude oil futures market price on the New York Mercantile Exchange rebounded from the low point, and finally closed basically flat, affected by the uncertainty of the output decision of the group of petroleum exporting countries. OPEC member states will hold a meeting in Cairo this weekend. China Plastics PP warehouse orders opened higher, and the rise continued to the end of the session, with the end of session index closing at 727.66 points. On Tuesday, after OPEC did not choose to adjust the level of crude oil production, crude oil futures prices fell to a new low of three and a half years on Monday. China Plastics PP warehouse orders opened low and went high. After that, the buyer's support rose sharply. The middle and rear market suppressed the downward shock and fell back, and the end of the market index closed at 729.56 points. On Wednesday, crude oil futures fell to a new low for several years on Tuesday amid concerns about global oil demand. China Plastics PP warehouse orders opened low and went low and high, and then bottomed out and went up to the intraday. After the intraday shock, it fell back, and the final index closed at 726.19 points. Although crude oil and refined oil inventories fell unexpectedly on Thursday, crude oil futures prices fell on Wednesday as weak demand continued to depress the market. China Plastics PP warehouse receipts fell sharply and opened low. In the early stage, the buyer's support rose slightly, and then the disk was low. The seller suppressed the shock and fell back, and the final index closed at 706.64 points. Crude oil futures fell for the fifth consecutive trading day on Friday, as the market faced weak demand and worried about the accumulation of supply. The light and low sulfur crude oil futures contract on the New York Mercantile Exchange closed at the lowest level since January 5, 2005. China Plastics PP warehouse receipts continued to fall deeply, opening higher and lower, and then fell sharply to the bottom, and the end of the day index closed at 679.07 points

the average trading volume on Sunday was 5723 tons, an increase of 130 tons over last week; The order volume on Friday was 2942 batches, an increase of 372 batches over the weekend

the transaction details of a week are as follows:

warehouse receipt variety

settlement price (yuan/ton)

PP warehouse receipt average transaction this Sunday (ton)

PP warehouse receipt order quantity (batch)

this weekend

last weekend

rise and fall

this week

last week

increase and decrease

this week

last week

increase and decrease

pp0903

6077

6353

276 ↓

5723

5593

130 ↑

2942

25705 gold tool torque testing equipment is the high-quality torque testing equipment of Jinan new era Gold Testing Instrument Co., Ltd.

372 ↑

pp0904

6084

6352

268 ↓

II. Comprehensive analysis:

this week, the weekly K-line chart of PP index closed at the short negative line, and the 5-day moving average rose slightly, finishing below the physical center of gravity. On the K-line chart of the index day, three positive and two negative were closed, and the disk showed a pattern of shock consolidation. To the end of the week, the K line closes the Long Yin line; MACD indicators show a downward trend of low-level bulls, and the green column continues to shrink; KDJ index rises, subject to oversold areas; On the K-line of the day, the BOL index was observed, and the opening was slightly enlarged. At the end of the day, the entity moved up the track in the price line, and the price line fell

due to the global economic slowdown, the strengthening of the US dollar and the liquidation of speculative funds in response to the credit crunch, oil prices fell for several months in a row. Crude oil futures fell for the fifth consecutive trading day on Thursday, as the market faced weak demand and worried about the accumulation of supply. The light and low sulfur crude oil futures contract on the New York Mercantile Exchange closed at the lowest level since January 5, 2005. The global economic slowdown threatens to freeze the growth of global oil demand for the first time since 1983. Central banks around the world announced interest rate cuts on Thursday in response to declining economic growth. The organization of Petroleum Exporting Countries (OPEC) has announced a reduction in production in recent months after adopting the precision electro-hydraulic servo proportional valve group control technology in January 3, and it seems that it may reduce production again at the meeting on December 17. A Dow Jones newswires survey showed on Thursday that OPEC reduced crude oil production in November, but failed to reach the level of 1.5 million barrels a day agreed by the organization at the end of October. By Friday's close, WTI closed at $43.67/barrel, down $10.77 from last Friday, and Brent fell $10.85 to close at $42.28/barrel. The weakness of PP market in this period has not changed, the market is stable, and the small market continues to decline. At present, in addition to the continuous downturn in demand, the fragile market mentality is also a very important factor. In order to reduce risks, most businesses are unwilling to receive too much goods at the international advanced level; While the wait-and-see mentality of end users is becoming stronger, a few enter the market, but the purchase volume is limited. In view of the fact that end users have little enthusiasm for purchasing at the current price, the wait-and-see mentality is getting stronger, the demand side is weak and difficult to change, the market continues to rise, the power is insufficient, and the international crude oil has fallen sharply in recent days, resulting in a loss of market confidence. It is expected that in the near future and at present, the only European company in the world can produce this material on a large scale, and the PP market will still be a volatile downward market

it is expected that the PP warehouse receipt market of China plastics will be volatile and the downward trend will be difficult to change next week

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

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