PP Spot Price: Partial Adjustment

Domestic petrochemical inventory: The inventory of polyolefins of the two oils is 830,000 tons, down 15,000 tons from yesterday.

Futures analysis: On June 6, PP2509 opened at 6919, the highest price was 6945, the lowest price was 6911, the position was 517880, the settlement price was 6926, yesterday's settlement was 6919, the increase was 7, the daily trading volume was 227223 lots, the deposited funds were 2.51 billion, and the capital inflow was 7.26 million.

Market mainstream quotes for wire drawing:

Domestic spot market analysis: Today, the domestic PP market as a whole showed a partial adjustment trend, among which the market price in North China fell, the market price in Northwest China rose slightly, the adjustment range was 20-50 yuan/ton, and the market prices in other regions remained stable.

In terms of price: the mainstream price of domestic polypropylene ranged from 6930 to 7240 yuan/ton. China and the United States agreed to implement the results of the economic and trade talks to boost the confidence of the crude oil market in the demand outlook.

The rise in international oil prices continued to support the PP market. However, the new production capacity in the market released production, the supply pressure increased, and the downstream takeover was weak. The market atmosphere was cautious.

Analysis of the domestic futures market: The night market price of the PP2509 contract rose first and then fell, then fluctuated in a narrow range, and rose in the late trading; it weakened after the opening of the morning, and then the range was consolidated; the price continued to consolidate sideways until the end of the afternoon.

As of today's afternoon closing, the PP2509 contract fluctuated in the range of 6911-6945 throughout the day, with a spread of 34, and the 09 contract increased its position by 452 lots. As of now, the position is 517,880 lots.

Forecast for the future market: In terms of raw materials, the crude oil market may be affected by the potential increase in supply risks, the instability of the geopolitical situation, the peak travel season in the summer in the United States, and the negative factors such as OPEC+ maintaining its position of increasing production and weak global crude oil demand.

It is also necessary to pay attention to the impact of related changes on international oil prices. On the supply side, the number of PP units scheduled for maintenance next week is limited. In addition, the Beihai Refinery, Jinan Refinery, Changling Petrochemical and other PP units with a production capacity of about 500,000 tons are scheduled to resume operation.

It is expected that the impact of the shutdown of the units may continue to decrease. On the demand side, the traditional downstream demand is flat, and it is expected that the improvement prospects in the short term will be difficult to improve. Overall, the polypropylene market is expected to fluctuate downward in the short term.

Domestic PP Index: According to Tuduoduo data, the domestic PP spot index on June 6 was 7070.00, down 3, a range of 0.04%.

Guoneng auction statistics: Guoneng Coal Chemical's auction volume today was 1,888 tons, an increase of 14.15% from yesterday; the transaction volume was 1,699 tons, an increase of 68.22% from yesterday, and the transaction rate was 89.99%, an increase of 28.93% from yesterday.

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