PVC futures prices have rebounded from low prices, and technical callbacks need to be prevented in the short term

PVC futures prices have rebounded from low prices, and technical callbacks need to be prevented in the short term: On Monday, the PVC V2105 contract heavy volume to lighten its position, and the futures price rebounded. The closing price of the day was 8340 yuan, which was -145 yuan compared with the previous trading day; the trading volume was 533,113 hands, and the open interest was 292,978 hands, -14205; the basis was 210. News: 1. According to statistics from Longzhong Information, the output of domestic PVC manufacturers in February 2021 was 1,864,300 tons, a decrease of 5.84% month-on-month, a sharp increase of 24.76% year-on-year, and a cumulative year-on-year increase of 16.84%. 2. According to the statistics of Longzhong Information, as of February 26, the total amount of export from 24 PVC manufacturers increased 152.53% from last week. At the end of the Spring Festival holiday, logistics and transportation resumed, and downstream construction began one after another. There is a certain purchase demand for PVC, so the volume of outgoing warehouses increased sharply this week, and the inventory decreased. There was little fluctuation in the production of 24 production enterprises, and the total output increased by 3.14% from last week. Market price: The mainstream price of SG-5 in Changzhou market in East China is reported at 8550 yuan/ton, -100. Warehouse receipt inventory: 7692 warehouse receipts, -300 pieces. Main positions: the top 20 long positions 192510, -18132; short positions 219308, -13973. Increased headroom. Summary: It is rumored that some chemical companies in Texas have resumed production, but it will take time to fully resume work. In Europe, the PVC factory Tavaux has stopped due to a production line failure and the restart date has not been determined. South Korea, Taiwan, and India also have installations to shut down for maintenance, and the United States, Europe, and Asia have installations to shut down, and overseas supply is still tight. Domestically, although domestic PVC production declined in February from the previous month, it was still much higher than the same period last year. The production in the first two months was also higher than the same period last year, indicating that domestic supply is sufficient. Downstream enterprises are affected by the New Year’s holiday in their place of employment, and the resumption of work this year is significantly earlier than in the later years. However, due to the rapid rise in prices after the holiday, corporate costs have risen, profit margins have been compressed, and the operating rate of downstream companies has not risen sharply. After sustained sharp rises, there are signs of overbought in PVC in the short term, and technical corrections need to be prevented in the short-term. In terms of operation, investors often only sell rallies to reduce their holdings.

Post time: Mar-02-2021